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Mastech Holdings, Inc. Closes Sale of its Healthcare Unit

Mastech Holdings, Inc. Closes Sale of its Healthcare Unit

Mastech Holdings, Inc. (NYSE MKT: MHH), a national provider of Information Technology and Specialized Healthcare staffing services, announced today that it closed on the sale of its healthcare unit with Accountable Healthcare Staffing, Inc. The closing purchase price totaled $1.15 million and was in accordance with a definitive asset purchase agreement announced on July 31, 2013.

Commenting on the sale, D. Kevin Horner, Mastech's Chief Executive Officer stated, "This divestiture is about 'focus' and not about a lack of confidence in our team of dedicated healthcare professionals.  Today, we are a pure-play IT staffing Company, which is where our core competencies and unique value proposition lie.  I want to thank our entire healthcare team for their hard work, their accomplishments and their loyalty and wish them continued success in their next chapter with Accountable Healthcare Staffing."

Jack Cronin, Mastech's Chief Financial Officer stated "The Company expects to generate approximately $2.5 million of free cash from the transaction and the monetization of accounts receivables and other current assets retained by the Company, net of current liabilities.  These proceeds will be used to reduce outstanding borrowings in the short-term and will be available for strategic opportunities in the future."

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