PRESIDION CORPORATION (OTCBB: PSDI)

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We're bringing you today, Presidion Corp. who had some exciting news this week. We think you'll like the company's management techniques of efficency and growth. Take a moment to read the news below and get a glimpse into the company.
 
 
 

ABOUT PRESIDION

Presidion Corporation is a professional employer organization ("PEO") with operations in Florida, Georgia, South Carolina, and Michigan. The Company provides a wide range of human resources, regulatory compliance, and employee benefits management services to small and medium-sized businesses. 
                                 
The Company provides outsourced business services through a co-employment relationship on a service agreement basis. The Company provides services to approximately 2,700 businesses through approximately 32,500 worksite employees. 

       Presidion Services

• Human resources administration.
• Employer regulatory compliance management.
• Employee benefits administration.
• Risk management services.
• Employer liability protection.
• Payroll administration.

NEWS THIS WEEK FROM PRESIDION

Press Release
Source: Presidion Corporation
Tuesday July 22, 3:00 pm ET 

Presidion Corporation Announces 
Renewal of Credit Facility with Comerica Bank 

             
TROY, Mich., July 22 /PRNewswire-FirstCall/ -- Presidion Corporation, (OTC Bulletin Board: PSDI - News) today announced that it had obtained a renewal on its credit line with Comerica Bank for up to $6 million that will run through May 31, 2004. This is the second such renewal with Comerica Bank.

"We are pleased to have once again renewed our credit facility with Comerica Bank 
and believe this demonstrates the confidence our lending institution has in the potential for Presidion Corporation.

Craig Vanderburg
President and Chief Executive Officer                                                       
To read the entire release and Safe Harbor, click here
 

PRESIDION TECHNOLOGY

• Payroll Register 
• Custom Payroll Summaries 
• Employee Checks and Direct Deposit 
• Detailed Invoice Reporting 
• Time Sheets
• Time Clock Interface 
• Year-to-Date Reporting 
• Web-enabled 24/7 

SELECTED FINANCIAL HIGHLIGHTS

Results for the first quarter ended March 31, 2003, on Form 10-Q with the Securities and Exchange Commission. The Company reported quarterly net revenue of $31.5 million (on gross billings of $185.7 million less direct wage costs of $154.2 million) and 

REVENUES -- Revenues, representing gross billings less associated direct wage costs, increased $1,236,529, or 4.1%, to $31,489,830 in the first quarter of 2003 from $30,253,301 in the first quarter of 2002. This increase reflected higher business volume resulting from the acquisition of certain client contracts in June 2002 which added $3,851,523 to the Company's revenues.

GROSS PROFIT -- Gross profit increased $1,683,153, or 24.9%, to $8,451,745 in the first quarter of 2003 from $6,768,592 in the first quarter of 2002. Gross margin increased to 26.8% in the 2003 period from 22.4% in the 2002 period. These increases reflected the increase in revenues of $1,236,529 mentioned above
and lower direct expenses. 

HISTORICAL BUSINESS INFORMATION: The Company was founded in 2001. The name of the Company was changed to MediaBus Networks, Inc. on January 16,  2002.  On February 12, 2003, MediaBus entered into a Merger Agreement among Acquisition  Sub, Presidion, the Shareholders and Lipscomb. Pursuant to the Merger Agreement, Acquisition Sub was merged with and into Presidion, which is the surviving corporation and will continue its corporate existence under the laws of the state of Florida as a wholly-owned subsidiary of MediaBus. In consideration of the merger, MediaBus will  issue 84,749,790 shares of common stock of MediaBus to the Shareholders in exchange
for all of the common stock of Presidion. On March 11, 2003, MediBus Networks, Inc. officially changed its name to Presidion  Corporation on Friday, February 28, 2003. Presidion also announced that effective March 11, 2003 its trading symbol has officially changed to PSDI.

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To view the SEC filings for PSDI, click here
 

CONTACT INFORMATION FOR PSDI

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