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Mastech Holdings, Inc. Enters into an Asset Purchase Agreement to Sell Healthcare Unit

Mastech Holdings, Inc. Enters into an Asset Purchase Agreement to Sell Healthcare Unit

Mastech Holdings, Inc. a national provider of Information Technology and Specialized Healthcare staffing services, announced today that it has entered into a definitive asset purchase agreement with Accountable Healthcare Staffing, Inc. to sell substantially all of the assets of its Healthcare Staffing segment. The closing is subject to customary closing conditions and is expected to occur during the third quarter of 2013.

Under the terms of the agreement, which has been unanimously approved by Mastech's Board of Directors, total consideration to be paid by the buyer totals $1.15 million.  Consideration consists of approximately $1.0 million of cash at closing, plus the assumption of certain liabilities.  Total assets to be sold exclude cash balances on hand, accounts receivables, and other current assets, which approximated $1.5 million as of June 30, 2013, net of current liabilities retained by the Company.

Commenting on the agreement, D. Kevin Horner, Mastech's Chief Executive Officer stated, "This divestiture will allow Mastech to focus entirely on its core IT Staffing business. Given Accountable Healthcare's highly regarded reputation in and commitment to the healthcare staffing market, we are excited about the opportunities that the transaction presents to our dedicated healthcare professionals.  I'm convinced that this is a great next step for all stakeholders – customers, employees and shareholders – of both organizations."

Accountable Healthcare Staffing Chairman and CEO, Robert Adamson commented, "The acquisition of Mastech Holdings' healthcare units adds a team with deep industry experience to Accountable and will accelerate our growth in both the travel nurse and per diem segments of our business."

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