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St. Petersburg, FL and Phoenix, AZ– April 12,
2005– First Advantage Corporation (Nasdaq: FADV), a leading risk mitigation and business solutions provider, today announced that it has acquired ITax Group, Inc., a provider of tax credit and incentive services to businesses nationwide. The addition of ITax Group to First Advantage's existing tax credits and incentives business line adds not only scale, but also industry leading technology to what is traditionally a manual process.
Headquartered in Phoenix, ITax Group offers advanced technology to screen prospective and current employees for federal Work Opportunity Tax Credits and other state and locally offered credits, including those used as incentives for workforce training or business relocation. Their proprietary systems integrate with hiring management systems (HMS) either directly with corporate clients or through other service providers, such as applicant tracking and recruiting partners -- facilitating the process and positioning ITax Group as a preferred tax partner for most third-party HMS vendors.
"The outstanding performance of our tax consulting services
in 2004 leads us to believe that additional automation, increased scale and
expanded relationships with applicant tracking and recruiting partners, will
result in some amazing growth for this First Advantage business line," said
John Long, chief executive officer of First Advantage Corporation. "ITax Group
was one of our foremost competitors, so, needless to say, we are pleased to
have this innovative, experienced team on board."
Jim Wentworth, chief executive officer of ITax, said, "Considering the powerful synergies created by combining our service offerings, the ITax Group team is very excited to join forces with First Advantage to offer clients the premier tax services solutions of the industry."
ITax Group will join 2004 acquisitions, CIC Enterprises and The Alameda Company, to comprise First Advantage's Tax Consulting Services division (part of the Enterprise Screening segment), under the management of Beth Henricks, division president. ITax Group's Phoenix office will remain open and become an important operating center for this First Advantage business line.
About First Advantage Corporation
First Advantage Corporation (Nasdaq: FADV) provides
best-in-class single-source solutions for global risk mitigation and enterprise
and consumer screening needs. Incorporating state-of-the-art technology, proprietary
systems and data resources, First Advantage is a leading provider of employment
background screening, drug-free workplace programs and other occupational health
testing, corporate tax consulting services, resident screening, motor vehicle
records, transportation credit reporting, investigative services (including
computer forensics, data recovery, electronic discovery, and surveillance),
supply chain security consulting, and consumer location services. First Advantage
ranks among the top three companies in all of its major business lines. First
Advantage is headquartered in St. Petersburg, Fla., and has more than 1,700
employees in offices throughout the United States and abroad. Further information
about the company is available at www.fadv.com. First Advantage is a majority-owned
subsidiary of The First American Corporation (NYSE: FAF), a Fortune 500 company
that traces its history to 1889. First American is the nation's largest data
provider, supplying businesses and consumers with information resources in connection
with the major economic events of people's lives. Additional information about
the First American Family of Companies can be found at www.fadv.com.
About ITax Group
ITax Group is a leading provider of automated employment
incentive screening. Committed to delivering innovation, ITax Group collaborates
with its clients to help identify and capture tax credits and training grants
across a wide spectrum of Federal, state, and local programs including WOTC,
Welfare to Work, Empowerment Zones, Renewal Communities, Enterprise Zones, and
various Federal and state-based training grant initiatives. ITax Group provides
services for more than 400 clients nationally, including several of the Fortune
500. Additional information about ITax Group, Inc. can be found at www.itaxgroup.com.
This press release contains statements relating to future
results of the company that are considered "forward-looking statements." These
statements, which may be expressed in a variety of ways, including the use of
future or present tense language, relate to, among other things, future growth.
These forward-looking statements, and other forward-looking statements contained
in other public disclosures of the company, are based on assumptions that
involve risks and uncertainties and that are subject to change based on various
important factors (some of which are beyond the company's control). Factors that
could cause the anticipated results to differ from those described in the
forward-looking statements include: general volatility of the capital markets
and the market price of the company's Class A common stock; the company's
ability to successfully raise capital; the company's ability to identify and
complete acquisitions and successfully integrate businesses it acquires; changes
in applicable government regulations; the degree and nature of the company's
competition; increases in the company's expenses; continued consolidation among
the company's competitors and customers; unanticipated technological changes and
requirements; and the company's ability to identify suppliers of quality and
cost-effective data. Actual results may differ materially from those expressed
or implied as a result of these risks and uncertainties. The forward-looking
statements speak only as of the date they are made. The company does not
undertake to update forward-looking statements to reflect circumstances or
events that occur after the date the forward-looking statements are made.
Investors are advised to consult the company's filings with the SEC, including
its 2004 Annual Report on Form 10-K, for a further discussion of these and other
risks.
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