Labor SMART, Inc. Comments on Recent Trading Activity
Atlanta, GA -- February 11, 2016 -- InvestorsHub NewsWire --
Labor SMART, Inc. (OTCQB:
LTNC) (the "Company"), a leader in providing on-demand blue
collar staffing primarily in the southeastern United States, today
commented on the recent trading activity and volatility in its
stock.
In the last few days, and this morning in particular, there has
been an increased volume of trading and selling pressure in the
Company's common stock. This has caused the Company's
management to believe it necessary to advise our investors that
this volume and selling pressure was not the result of any trading
activity by the Company or its management.
The Company can also confirm that no conversions of debt into
equity have occurred since the Companys announcement in December
that it had entered into various settlement agreements with note
holders. Additionally, the company believes that recent aggressive
selling may be related to an attempted but failed conversion
request by one note holder, that may have sold shares before
delivery. The shares requested under this conversion request have
not and will not be issued pursuant to the forbearance
agreement.
Further, on February 9, 2016 the Company filed suit in the San
Diego County Superior Court against the above referenced note
holder for Breach of Contract and is seeking Declaratory and
Injunctive Relief.
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.
Contact:
Labor SMART, Inc.
shareholderrelations@laborsmart.com
