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| IT Staffing Ltd. |
| 55 University Avenue, Toronto, Canada M5J 2H7 * (416) 364-8800 |
| Business Description | The company is a provider of information technology staffing services, primarily in Canada, supplying qualified IT professionals to its customers as independent contractors for short and long term assignments and for permanent placement within enterprises. |
| Offering Information Company has | |||
| Trading As | ITSTF (NASSCM) | Industry | High-Tech (SIC 7371) |
| Type of Stock Offered | Common Shares | Filing Date | 09/21/1998 |
| Domestic Shares Offered | 1,100,000 | Offer Date | 06/01/1999 |
| Foreign Shares Offered | 0 | Filing Price | $5.00 |
| Company Shares | 1,100,000 | Offer Price | $5.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | - - |
| Gross Proceeds | $5,500,000 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 2,677,876 | Employees | 65 |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Strasbourger Pearson Tulcin Wolff Inc. | Lead Manager | (212) 425-2320 |
| Nutmeg Securities, Inc. | Co-manager | (800) 288-5513 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1996 | 12/31/1997 | 06/30/1997 | 06/30/1998 | |||
| Revenues | - | - | - | 0.764 | 4.704 | 2.156 | 5.318 |
| Income from Oper. | - | - | - | 0.036 | 0.201 | 0.157 | 0.388 |
| Net Income | - | - | - | 0.030 | 0.154 | 0.139 | 0.253 |
| E.P.S | - | - | - | 0.030 | 0.120 | 0.110 | 0.130 |
| Revenue Growth (%) | - | - | - | 515.707 | 146.66 | ||
| Net Income Growth (%) | - | - | - | 413.33 | 82.01 | ||
| Oper. Profit Margin (%) | - | - | - | 4.71 | 4.27 | 7.30 | 7.28 |
| Net Profit Margin (%) | - | - | - | 3.93 | 3.27 | 4.76 | 6.45 |
| Cash Flow - Oper. | 0.07 | 0.21 | -0.13 | ||||
| Cash Flow - Inv. | -0.54 | -0.52 | -0.96 | ||||
| Cash Flow - Fin. | - | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1998 | Financial Ratios | ||||
| Total Assets | 3.12 | Current Assets | - | Current Ratio | - |
| Total Liab. | 1.55 | Current Liab. | - | Debt Ratio | 49.71% |
| Total Equity | 1.57 | Working Cap. | 0.58 | Debt to Equity Ratio | 0.99 |
| Cash | 0.11 | Return on Assets | 8.10% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to expand into new regional markets by opening new offices and acquiring complementary or competitive companies, to capitalize a joint venture to develop and market the AppTracker software, and for general corporate purposes and working capital. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Gersten, Savage, Kaplowitz & Curtin |
| Bank's Law Firm | Brock Silverstein McAuliffe LLC |
| Registrar/Transfer Agent | Continental Stock Transfer & Trust Co |
| Auditor | Schwartz Levitsky Feldman |
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| Additional Underwriter Compensation |
| Warrant to purchase 100,000 shares/units at $100.00 per share/unit. |