PSQ, LLC Announces Expiration of Tender Offer for Shares of General Employment Enterprises, Inc.
PSQ, LLC ("PSQ") announced the status of the offer by PSQ to acquire up to 2,500,000 shares of Common Stock from the shareholders of General Employment Enterprises, Inc., an Illinois corporation, (NYSE Amex: JOB), pursuant to a cash tender offer upon the terms and conditions set forth in the Schedule TO/A filed with the U.S. Securities and Exchange Commission on April 15, 2009 (the "Tender Offer") and which offer expired at 12:00 A.M., New York City time on June 30, 2009. PSQ has not extended the Tender Offer nor does it intend to extend the offer. The cash Tender Offer purchase price was established at $.60 per share with a maximum aggregate offer amount of $1,500,000.
(PRWEB) July 1, 2009 -- As of June 30, 2009, PSQ's depositary agent reported that approximately 2,037,415 shares of General Employment's common stock have been tendered and that no withdrawals have been received, resulting in approximately 462,585 shares that were subject to the Tender Offer that were not tendered. The tendered shares represent approximately 39.4% of the total outstanding shares of General Employment Enterprises, Inc. as of June 30, 2009.
PSQ expects to consummate the Tender Offer on July 1, 2009, subject to satisfaction of certain customary closing conditions. PSQ, a Kentucky limited liability company, is a special purpose vehicle formed for the purpose of consummating the transactions contemplated by the Securities Purchase and Tender Offer Agreement entered into with General Employment, including the Tender Offer.
Forward-Looking Statements
The statements made in this press release which are not historical facts are forward-looking statements. These forward-looking statements include statements regarding the acquisition of shares pursuant to the Tender Offer, the filing of documents and information with the SEC, other future or anticipated matters regarding the transactions discussed in this release and the timing of such matters. Such forward-looking statements often contain or are prefaced by words such as "will" and "expect." As a result of a number of factors, our actual results could differ materially from those set forth in the forward-looking statements. Certain factors that might cause our actual results to differ materially from those in the forward-looking statements include, without limitation: (1) the risk that the conditions to the closing of the Tender Offer set forth in the Securities Purchase and Tender Offer Agreement will not be satisfied, and (2) the risk that the Tender Offer may not be consummated on the terms or timeline first announced. PSQ is under no obligation to (and expressly disclaims any such obligation to) and does not intend to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
Stephen B. Pence
Managing-Member
Phone: (502) 736-6200
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