$LTNC setting up for move! News out ~ Labor SMART,
Post# of 98041
Posted On: 05/28/2015 1:54:59 PM
$LTNC setting up for move! News out ~ Labor SMART, Inc. Responds to LOI >>
http://finance.yahoo.com/news/labor-smart-inc...00629.html
Labor SMART, Inc. Responds to LOI
ATLANTA, GA--(Marketwired - 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.
Contact:
Hayden IR
917-658-7878
shareholderrelations@laborsmart.com
http://www.laborsmart.com/
http://finance.yahoo.com/news/labor-smart-inc...00629.html
Labor SMART, Inc. Responds to LOI
ATLANTA, GA--(Marketwired - 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.
Contact:
Hayden IR
917-658-7878
shareholderrelations@laborsmart.com
http://www.laborsmart.com/
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