Labor SMART, Inc. Shareholder Update
Company Intends to Proceed with Recently Announced Staffing
Group Deal
Atlanta, GA, United States, via NUZINET CORP., 02/18/2016 - -
Labor SMART, Inc. (OTCQB:
LTNC) (the "Company"), a leader in providing on-demand blue
collar staffing primarily in the southeastern United States, today
confirmed that it intends to move forward with its recently
announced plan to sell six branch locations to The Staffing Group,
Ltd. (TSGL) in an arms-length transaction.
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.
Follow us on Twitter: @laborsmart
Investor Relations: @laborSMART_LTNC
CEO - Ryan Schadel: @CRyanSchadel
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
