PLANO, Texas, Dec. 18,
2014 /PRNewswire/ -- BG Staffing, Inc. (NYSE MKT:
BGSF), a rapidly growing national provider of temporary
staffing services across a diverse set of industries, today
announced that it has completed a $9.4
million private placement financing.
Private Placement Summary
- 956,050 shares of common stock were sold to institutions and
accredited investors at $9.75 per
share.
- Net proceeds of $8.6 million,
after placement agent fees, were raised.
- Taglich Brothers, Inc. acted as the sole placement agent.
- Use of proceeds includes reducing indebtedness under the
revolver portion of a senior credit facility.
L. Allen Baker, Jr., President and CEO, said that, "Prior
financings, while we were a private Company, allowed us to grow BG
Staffing's revenues from $35 million
in 2009 to $173 million for the last
12 months. The completion of this financing provides a runway from
which we can continue to build the Company and evaluate future
accretive acquisitions."
About BG Staffing, Inc.
Headquartered in Plano, Texas, BG Staffing provides staffing
services to a variety of industries through its information
technology, light industrial and multifamily divisions. BG Staffing
is a temporary staffing platform that has integrated several
regional and national brands and is set to achieve scalable
growth. The Company's acquisition philosophy is one that not
only brings financial growth, but unique and dedicated talent
within the companies. This has led to a strong management team,
with tenure and a desire to offer exceptional service to
candidates, customers and investors. Please visit
www.bgstaffing.com for more information.
Forward-Looking Statements
The forward looking
statements in this press release are made under the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
The Company's actual results could differ materially from those
indicated by the forward-looking statements because of various
risks and uncertainties including those listed in Item 1A of the
Company's Annual Report on Form 10-K and in the Company's other
filings and reports with the Securities and Exchange Commission.
All of the risks and uncertainties are beyond the ability of the
Company to control, and in many cases, the Company cannot predict
the risks and uncertainties that could cause its actual results to
differ materially from those indicated by the forward-looking
statements. When used in this press release, the words "believes,"
"plans," "expects," "will," "intends," and "anticipates" and
similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. Except as
required by law, the Company is not obligated to publicly release
any revisions to these forward-looking statements to reflect the
events or circumstances after the date of this press release or to
reflect the occurrence of unanticipated events.
CONTACT:
Terri
MacInnis, VP of Investor Relations
Bibicoff + MacInnis, Inc.
818.379.8500 terri@bibimac.com
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SOURCE BG Staffing, Inc.