FOR IMMEDIATE RELEASE EXHIBIT 99.2
Contact: Derek E. Dewan
Chairman, President and CEO
(904) 360-2000
Modis Professional Services, Inc. Announces Redemption of Convertible Senior
Notes Due 2002
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Oct. 1, 1998--Modis Professional Services,
Inc. (NYSE: MPS-news; formerly AccuStaff Incorporated - NYSE.ASI) today
announced that it has issued a Notice of Redemption to the holders of the
Company's 7% Convertible Senior Notes due 2002. The Company will redeem the
Notes at a redemption price equal to 104% of their principal amount. The Notes'
November 1, 1998 interest payment will be made in the usual manner. As of
September 30, 1998 there were $86,250,000 in principal amount of Notes
outstanding. Holders of the Notes may elect to convert the Notes into the
Company's common stock at any time on or prior to the close of business of
October 30, 1998. Holders of Notes who elect to convert the Notes into the
Company's common stock will receive the number of shares of the Company's common
stock that results from dividing the principal amount of the Notes to be
converted by the current conversion price of $11.35 per share.
Commenting on the announcement, Michael D. Abney, Senior Vice President and
Chief Financial Officer, said, "The calling of the Convertible Senior Notes due
2002 will reduce interest paid and, to the extent such Notes are redeemed for
cash, will reduce the number of shares used in computing diluted earnings per
share."
Modis Professional Services, Inc. is a global provider of business services,
including consulting, outsourcing, outplacement, training, and strategic
staffing services. The Company provides human resource solutions in the
information technology, accounting, legal, engineering/technical, and scientific
areas. Headquartered in Jacksonville, Florida, the Company serves the Fortune
1000 and other leading businesses through its offices located in the United
States, Canada, the United Kingdom, Continental Europe, and Latin America. For
more information about Modis Professional Services, please visit the following
web site: www.modispro.com.
Statements made in this press release, other than those concerning historical
information, should be considered forward-looking and subject to various risks
and uncertainties. The Company's actual results may differ materially from the
results anticipated in these forward-looking statements as a result of certain
factors set forth under Risk Factors and elsewhere in the Company's reports on
Forms 10-K, 10-Q and 8-K made under the Securities Exchange Act of 1934. For
instance, the Company's results of operations may differ materially from those
anticipated in the forward-looking statements due to, among other things: the
Company's ability to successfully identify suitable acquisition candidates,
complete acquisitions or integrate the acquired business into its operations;
the general level of economic activity in the Company's markets; increased price
competition; and the continued availability of qualified temporary personnel --
particularly in the information technology and other professional segments of
the Company's businesses. In addition, the market price of the Company's stock
may from time to time be significantly volatile as a result of, among other
things: the Company's operating results; the operating results of other
temporary staffing companies; and changes in the performance of the stock market
in general.