Labor SMART, Inc. Boosts Its Line of Credit
Maximum Borrowings Increased to $4.0 Million
ATLANTA, GA - January 15, 2015 - Labor SMART, Inc.
(OTCQB: LTNC)
(the "Company"), a leader in providing on-demand blue collar
staffing primarily in the southeastern United States, is pleased to
announce that it has increased its working capital line of
credit.
Labor SMART, Inc. amended its existing credit facility with
Transfac Capital to increase the maximum available borrowing
capacity from $2.0 million to $4.0 million. In addition, its
advance rate against its accounts receivable has increased from 85%
to 90%.
Ryan Schadel, Chairman and Chief Executive Officer of Labor
SMART, stated, "We are very pleased to have completed this
important step in our financial plan for 2015. This source of
additional working capital is key to executing our growth strategy
without the need for convertible promissory notes. The operations
team at Labor SMART has been hard at work strengthening processes
and controls that contributed greatly to getting this increased
credit facility in place."
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.
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CONTACT INFORMATION
Contacts:
Hayden IR
917-658-7878
hart@haydenir.com