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PSDI Presidion Solutions Receives Commitment for New Financing
TROY, Mich. - PRNewswire-FirstCall - Nov. 5

TROY, Mich., Nov. 5 /PRNewswire-FirstCall/ -- Presidion Solutions (BULLETIN BOARD: PSDI) , a leading provider of human resources management services, announced today that it has executed a letter of intent with Mirabilis Ventures, Inc. Mirabilis will receive, upon executing a definitive agreement, $25 million in preferred equity for the assumption of certain liabilities. Additionally, Mirabilis will provide for the collateralization of insurance programs and the collateral to restructure certain debt obligations. The parties also anticipate adding additional members to Presidion's Board of Directors. The transaction is expected to close on or before January 1, 2005.

Craig A. Vanderburg, President and CEO of Presidion Solutions said the partnership with Mirabilis Ventures represents a significant step forward in Presidion's growth strategy. "After having implemented our acquisition strategy, we are concentrating on improving our infrastructure and strengthening our client base. We are pleased to find a solid financial partner that clearly understands our corporate vision. The financial provisions of our agreement are expected to allow Presidion to restructure its debt, strengthen the balance sheet and improve future cash flow. Mirabilis also provides us with an additional pipeline to new clients through its affiliations with other companies. We anticipate to be in a stronger financial position moving forward and are focused on building Presidion into a progressive leader in the Professional Employer Organization (PEO) industry," Vanderburg said.

"Presidion Solutions has an experienced management team, a solid client base and sound growth prospects," said Yaniv Amar, Managing Principal of Mirabilis Ventures. "Presidion also has the appropriate platform to leverage future growth, and is a strong fit to achieve our strategic goals. We are pleased to have Presidion as a partner and look forward to a long-term relationship."

About Presidion Solutions

Presidion Solutions is one of the largest Professional Employer Organizations (PEO) in the United States. With more than 2,000 client companies, Presidion provides human resources, regulatory compliance and employee benefits management services to approximately 30,000 worksite employees. The Company has operational facilities in Florida, Georgia, South Carolina and Michigan. For more information, visit http://www.presidion.com/ .

About Mirabilis Ventures

Mirabilis Ventures is a leading provider of financial and investment services. Mirabilis utilizes a unique blend of multiple disciplines enhancing national and global expertise in specialized industries and creating a strong reserve of capital and knowledge in one exceptional network. For more information, visit http://www.mirabilisventures.com/ .

Safe Harbor Statement

This announcement contains "forward-looking statements" as defined by the Private Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect" and other similar expressions as they relate to the Company and its management are intended to identify such forward-looking statements. Although the Company and its management believe that the statements contained in this announcement are reasonable, it can give no assurance that such statements will prove correct and actual results could differ materially from management's current expectations. Factors that could affect the occurrence of events or results discussed herein are included with those mentioned in the Company's filings with the Securities and Exchange Commission (SEC).
Presidion Solutions

Web site: http://www.mirabilisventures.com/
http://www.presidion.com/


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