HireQuest, Inc. Announces Closing of The Dubin Group and Dubin Workforce Solutions Acquisition

Rhea-AI Summary

HireQuest, Inc. (NASDAQ:HQI) has successfully completed the acquisition of The Dubin Group and Dubin Workforce Solutions, businesses specializing in executive placement and commercial staffing in Philadelphia. The acquisition enhances HireQuest's portfolio and enables the conversion of these businesses to its Snelling franchise model. In conjunction with this acquisition, Dubin Workforce Solutions was sold to a new franchisee and transitioned to the HireQuest Direct model, positioning the company for future growth.

Positive

• Acquisition enables expansion into executive placement services.
• Transition to Snelling franchise model expected to enhance operational efficiency.
• Sale to a new franchisee aligns with growth strategy and franchise model.

Negative

• None.

GOOSE CREEK, SC / ACCESSWIRE / February 22, 2022 / HireQuest, Inc. (NASDAQ:HQI), a national franchisor of on-demand, temporary, and commercial staffing services, today announced that it has completed the previously disclosed acquisition of The Dubin Group and Dubin Workforce Solutions, related founder-owned businesses in Philadelphia, Pennsylvania that provide executive placement services and commercial staffing, respectively. Simultaneously with the closing of the acquisition, HireQuest, Inc. closed on the sale of Dubin Workforce Solutions to a new franchisee and completed the conversion of the business to its HireQuest Direct model. The Dubin Group was converted to HireQuest's Snelling franchise model and will be sold to a franchisee in the future.

About HireQuest
HireQuest, Inc. is a nationwide franchisor that provides on-demand labor and commercial staffing solutions in the light industrial, blue-collar, and commercial segments of the staffing industry for HireQuest Direct, HireQuest, Snelling, and LINK franchised offices across the United States. Through its national network of over 210 franchisee-owned offices in more than 35 states and the District of Columbia, HireQuest provides employment for approximately 60,000 individuals annually that work for thousands of customers in numerous industries including construction, light industrial, manufacturing, hospitality, clerical, medical, travel, and event services. For more information, visit www.hirequest.com.

Important Cautions Regarding Forward-Looking Statements
This news release includes, and the company's officers and other representatives may sometimes make or provide certain estimates and other forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act, including, among others, statements with respect to future economic conditions; future revenue or sales and the growth thereof; operating results; anticipated benefits of the acquisition of the Dubin entities, the transition of such entities' operations to franchised offices, effects of expanded scale, or the status of integration of the Dubin entities with HireQuest's operations. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. While the company believes these statements are accurate, forward-looking statements are not historical facts and are inherently uncertain. The company cannot assure you that these expectations will occur, and its actual results may be significantly different because of various risks and uncertainties discussed in the "Risk Factors" section and elsewhere in the company's most recent Annual Report on Form 10-K and subsequent filings with the SEC. Any forward-looking statement made by the company or its management in this news release is based only on information currently available to the company and speaks only as of the date on which it is made. The company and its management disclaim any obligation to update or revise any forward-looking statement, whether written or oral, that may be made from time to time, based on the occurrence of future events, the receipt of new information, or otherwise, except as required by law.

Company Contact:
HireQuest, Inc.
David Hartley, Director of Corporate Development
(800) 835-6755
Email: cdhartley@hirequest.com

Investor Relations Contact:
IMS Investor Relations
John Nesbett/Jennifer Belodeau
(203) 972-9200
Email: hirequest@imsinvestorrelations.com

SOURCE: HireQuest Inc.

View source version on accesswire.com:
https://www.accesswire.com/689721/HireQuest-Inc-Announces-Closing-of-The-Dubin-Group-and-Dubin-Workforce-Solutions-Acquisition

FAQ

What is the purpose of HireQuest's acquisition of The Dubin Group?

The acquisition aims to expand HireQuest's service offerings in executive placement and enhance its operational efficiency by converting Dubin's businesses to its franchise models.

What impact will the Dubin Group acquisition have on HireQuest's business?

The acquisition is expected to strengthen HireQuest's market position and provide opportunities for future growth through expanded services and improved operational models.

When did HireQuest complete the acquisition of The Dubin Group?

HireQuest announced the completion of the acquisition on February 22, 2022.

What changes were made to Dubin Workforce Solutions after the acquisition?

After the acquisition, Dubin Workforce Solutions was sold to a new franchisee and converted to the HireQuest Direct model.

How does the acquisition affect HireQuest's franchise operations?

The acquisition allows HireQuest to integrate Dubin's operations into its established franchise models, potentially leading to increased efficiency and growth.