SearchPath International, a Cleveland-based franchisor of staffing firms, today announced its intent to go public. MarketWatch has the details.
Said CEO Tom Johnston, “The decision to go public was an easy one. We want to give our franchise owners access to performance-based equity compensation that allows them to share in our success as, together, we grow the company. Having secured the accountants and security attorneys and currently in negotiations with investment banking firms, we feel we have formed a team destined for success.”
The company is not yet 3 years old and touts 50 franchisees across the country. They expect to begin trading as an SEC-compliant and fully reporting company on the OTC Bulletin Board market during the second half of 2008.
Cleveland-based securities law firm Margulies and Levinson will prepare the necessary securities filings. The PCAOB accounting firm of Skoda Minotti has been retained to prepare the certified audited financial reports.
The move will also allow franchise owners to offer equity to their employees.
Those especially familiar with MRI will recognize Johnston’s name. He was the director of Interim Executive Staffing for them prior to starting SearchPath and was a member of the management team that transitioned MRI into a full-service HR solutions organization. He was also responsible for creating and launching Worldbridge Partners, a partnership within the MRI network. Click here for more history.
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