March 31, 2009 (FinancialWire) -- General Employment Enterprises, Inc. (AMEX: JOB) (Current Market Cap: US$1.86 Mil.) said that it has signed a definitive securities purchase and tender offer agreement under which PSQ, LLC will acquire a controlling interest in General Employment.

Under the terms of the deal, PSQ has agreed to buy 7.7 million newly issued shares of General Employment common Stock for $0.25 per share, for a total purchase price of $1.925 million. It will also launch a cash tender offer to purchase from General Employment's shareholders up to 2.5 million outstanding common shares for $0.60 per share.

The deal has been approved by the board of directors of General Employment and by the member-manager of PSQ. General Employment said it expects the tender offer to be launched by PSQ not later than April 13. It will remain open for 75 days.

Oakbrook Terrace, Illinois-based General Employment provides professional staffing services through a network of 16 branch offices located in nine states, and specializes in information technology, accounting and engineering placements.

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