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SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): JUNE 12, 1996
CORESTAFF, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction
of incorporation)
0-26970 76-0407849
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(Commission (IRS Employer I.D. Number)
File Number)
4400 POST OAK PARKWAY, SUITE 1130
HOUSTON, TEXAS 77027-3413
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(Address of principal executive offices) (Zip Code)
(713) 961-3633
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Registrant's telephone number,
including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 12, 1996, pursuant to the terms of the Stock Purchase
Agreement by and among COREStaff, Inc. ("COREStaff"), Data Aid, Inc. ("Data
Aid"), and Richard L. Reid, Jerry L. Chafin and Jimmy H. Wyrosdick (the "Data
Aid Stockholders"), COREStaff purchased all of the issued and outstanding
capital stock of Data Aid for $17 million in cash, subject to certain
post-closing adjustments, and the assumption of certain liabilities. The Data
Aid Stockholders may also receive contingent payments based on the increase in
earnings through February 28, 1997.
The purchase price for Data Aid was determined as a result of direct
negotiations with the Data Aid Stockholders and was based on numerous factors
including COREStaff's estimate of the net worth of Data Aid at February 29,
1996. Data Aid provides information technology services through three
principal offices located in Birmingham and Montgomery, Alabama and Atlanta,
Georgia. Data Aid is now a wholly-owned subsidiary of COREStaff.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Business Acquired
As of the date of filing this Current Report on Form 8-K, the
financial statements required by this Item 7(a) are not
available. In accordance with Item 7(a)(4) of the Form 8-K,
such financial statements will be filed no later than August
26, 1996.
(b) Pro Forma Financial Information
As of the date of filing this Current Report on Form 8-K, the
pro forma financial information required by this Item 7(b) is
not available. In accordance with Item 7(b) of Form 8-K, such
financial statements will be filed no later than August 26,
1996.
(c) Exhibits
10.1 Stock Purchase Agreement dated June 12, 1996, among
COREStaff, Data Aid, Inc., Richard L. Reid, Jerry L.
Chafin and Jimmy H. Wyrosdick.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
CORESTAFF, INC.
(Registrant)
Dated: June 24, 1996 By: /s/ EDWARD L. PIERCE
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Edward L. Pierce
Chief Financial Officer, Vice President
and Assistant Secretary
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INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
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10.1 Stock Purchase Agreement dated June 12, 1996, among
COREStaff, Data Aid, Inc., Richard L. Reid, Jerry L.
Chafin and Jimmy H. Wyrosdick