Staffing 360 Solutions Announces Sale of firstPRO Recruitment Business Unit
Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an
international buy-integrate-build strategy through the acquisition
of staffing organizations in the United States and the United
Kingdom, today announced that through its subsidiary Staffing 360
Georgia, LLC, the Company had completed the sale of substantially
all the assets of the Company’s firstPRO 360 business for $3.3
million in cash.
The Company intends to use the proceeds from the
sale of firstPRO to redeem shares of preferred stock held by
Jackson Investment Group, LLC.
Brendan Flood, Chairman and Chief Executive
Officer, Staffing 360 Solutions, said, “In the present challenging
environment, when Neil Ellison, President of firstPRO 360,
expressed interest in acquiring the company, we saw it as the right
move at the right time for both of us. The sale provides us with
the opportunity to improve our balance sheet and allow our
management team to focus on doing what it does best.
“Our overall business continues to improve
week-over-week and we expect to enter the fourth quarter having
returned to pre-COVID sales levels,” Flood concluded.
Neil Ellison, President, firstPRO Recruitment,
said, “I value the support, experience and relationships gained
while working with Brendan and his Staffing 360 team. I’m now
honored with the opportunity to lead this incredible team as both
owner and President. We’ll continue to operate under the firstPRO
Recruitment name and provide the same excellent services to our
About Staffing 360 Solutions,
Inc.Staffing 360 Solutions, Inc. is engaged in the
execution of an international buy-integrate-build strategy through
the acquisition of domestic and international staffing
organizations in the United States and United Kingdom. The
Company believes that the staffing industry offers opportunities
for accretive acquisitions that will drive its annual revenues to
$500 million. As part of its targeted consolidation model, the
Company is pursuing acquisition targets in the finance and
accounting, administrative, engineering, IT, and Light Industrial
staffing space. For more information, please
visit: www.staffing360solutions.com. Follow Staffing 360
on Facebook, LinkedIn and Twitter.
press release contains forward-looking statements, which may be
identified by words such as "expect," "look forward to,"
"anticipate" "intend," "plan," "believe," "seek," "estimate,"
"will," "project" or words of similar meaning. Although
Staffing 360 Solutions, Inc. believes such forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectations will be attained. Actual
results may vary materially from those expressed or implied by the
statements herein, including the goal of achieving annualized
revenues of $500 million, the Company’s ability to successfully
raise sufficient capital on reasonable terms or at all, to
consummate additional acquisitions, to successfully integrate newly
acquired companies, to organically grow its business, to
successfully defend potential future litigation, to successfully
refinance its debt, and to receive loans under the US Main Street
Lending Program, changes in local or national economic conditions,
the ability to comply with contractual covenants, including in
respect of its debt, as well as various additional risks, many of
which are now unknown and generally out of the Company’s control,
and which are detailed from time to time in reports filed by the
Company with the SEC, including quarterly reports on Form 10-Q,
reports on Form 8-K and annual reports on Form 10-K. Staffing
360 Solutions does not undertake any duty to update any statements
contained herein (including any forward-looking statements), except
as required by law.
Investor Relations Contacts:
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||Terri MacInnis, VP of IR
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