Atlanta, GA - via NZINET CORP. - InvestorHub Newswire
- May 28, 2015 - Labor SMART, Inc. (OTCQB: LTNC) (the "Company"), a leader
in providing on-demand blue collar staffing primarily in the
southeastern United States, today announced that it has responded
to an offer received to purchase its assets.
On May 26, 2015 the Company received an unsolicited,
non-binding Letter of Intent from
Command Center, Inc., to purchase substantially all of the
Company's assets. Additionally, on May 27, 2015, the Company
received documentation indicating that Command Center has purchased
some of Labor SMART's outstanding debt. The Company believes this
debt may have been purchased with the hope of pressuring the
Company to sell its assets at a below market price.
Ryan Schadel, Chairman and Chief Executive Officer of Labor
SMART, stated, "After careful consideration it has been determined
that the offer does not represent a fair value of the Company's
assets nor a reasonable multiple of the $1.5-$2 million minimum
annual EBITDA gain that Command Center should capture post
acquisition. Command Center was notified this morning of the
decision to reject the offer and was invited to make a serious
offer if they have a serious interest."
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
shareholderrelations@laborsmart.com