W.
CONSHOHOCKEN, PA – July 18, 2007 - Cross Country Healthcare, Inc. (Nasdaq:CCRN) announced today that
its ClinForce subsidiary has completed the previously disclosed
acquisition of the shares of privately-held Assent Consulting for
$19.6 million in cash. This transaction also includes an earn-out
provision up to a maximum of $4.9 million based on 2007 and 2008
performance criteria. Cross Country Healthcare financed this
acquisition using its revolving credit facility. The Company expects
this acquisition to be modestly accretive to its 2007 earnings.
Headquartered in Cupertino, California, Assent Consulting
primarily provides highly qualified clinical research, biostatistics
and drug safety professionals nationwide to companies in the
pharmaceutical and biotechnology industries. In 2006, Assent
Consulting had revenue of $13.2 million and adjusted EBITDA of $2.6
million. Adjusted EBITDA, a non-GAAP financial measure, is defined
as earnings before interest, income taxes, depreciation and
amortization as adjusted for certain non-recurring expense items.
About Cross Country Healthcare
Cross
Country Healthcare, Inc. is a leading provider of healthcare
staffing services in the United States. The Company has a national
client base of over 4,000 hospitals, pharmaceutical companies and
other healthcare providers.