2006 2:24:00 PM
CHARLOTTE, N.C., April 20 /PRNewswire-FirstCall/ -- PACEL, Corp. (OTC Bulletin Board: PCCE) filed its annual 10KSB, for the fiscal year ending December 31, 2005, on April 13, 2006. 2005 was a positive year for PACEL Corp. on several different fronts.
PACEL closed on the acquisition of Rossar HR, LLC in January 2005 and in November 2005 entered into letter of intent to purchase World Wide Personnel Services of Maine, Inc. and United Personnel Services, Inc. PACEL has since closed the acquisition of these companies in March 2006.
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During 2005 PACEL implemented its new Human Resource Information System. With this new system PACEL is able to fully integrate payroll, benefits administration and personnel records into a single seamless database. Our new system offers a significant improvement in capabilities for our current client base as well as provides stronger products for potential clients.
In 2005, AsmaraHR, PACEL's operating entity, was again recognized by the National Association of Subacute and Post Acute Care as its preferred provider of human resource services. AsmaraHR was also selected by the Ohio Academy of Nursing Homes as its preferred provider for human resource services.
During 2005, PACEL significantly reduced its need for equity funding. During 2005, PACEL used $1.65 million in outside funding compared to $4.54 million in 2004. PACEL also reduced its short term payables by over $1 million.
In May 2005, PACEL significantly restructured its internal operations. Several under performing contracts were sold, and administrative overhead was significantly reduced during the second half of the year. These steps improved the annual Gross Profit of the company 7% in 2005; however, there was a far greater impact in the 3rd and 4th quarters.
"2005 was a good year for PACEL. Long term goals are yielding positive changes and 2006 is shaping up to be an even better year," stated Gary Musselman, President/CEO of PACEL Corp. "Our management team and staff are committed to expanding and growing PACEL both organically and with future acquisitions. We are confident in the foundations and operations of PACEL and are excited about the future."
Cautionary Statement for the Purpose of Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this news release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by forward-looking statements, including the impact of competition, the success of existing and new product releases, the management of our growth, and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.
SOURCE PACEL Corp.
