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Company Intends to Proceed With Recently Announced Staffing Group Deal
ATLANTA, GA--(Marketwired - Feb 18, 2016) - Labor SMART, Inc. (
In a February 12, 2016 press release, the Company announced a plan to explore the sale of six branch locations to The Staffing Group, Ltd. in an arms-length transaction. On February 16, 2016 the Company announced that it received a formal non-binding Letter of Intent from an unrelated 3rd party, seeking to acquire the operating assets of eight branch locations in a $2.5 million all-cash transaction.
After careful consideration and ongoing discussion with the offering party, the Company has determined that the arms-length transaction outlined in the February 12, 2016 press release provides the most value to Labor SMART, Inc. shareholders.
The Company confirmed it continues to field offers and will provide additional information on proposed transactions after the market closes on February 18, 2016.
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. The Company's clients range from small businesses to Fortune 100 companies. Labor SMART was founded to provide reliable, dependable and flexible resources for on-demand personnel to small and large businesses in areas that include construction, manufacturing, hospitality, event-staffing, restoration, warehousing, retailing, disaster relief and cleanup, demolition and landscaping. Labor SMART believes it can make a positive contribution each and every day for the benefit of its clients and temporary employees. The Company's mission is to be the provider of choice to its growing portfolio of customers with a service-focused approach that enables Labor SMART to be seen as a resource and partner to its clients.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Labor SMART, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Labor SMART, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Labor SMART, Inc.'s filings with the U.S. Securities and Exchange Commission.
Labor SMART, Inc.