Labor SMART, Inc. Secures $2 Million Finance Facility
HIRAM, GA -- (Marketwired) -- 08/05/13 -- Labor SMART, Inc. (OTCQB: LTNC) (the "Company") announced it has secured a $2 million dollar finance facility with San Francisco, CA based Transfac Capital.
The Company will use the new facility to supplement working capital during times of rapid growth and expansion. The finance facility is secured with Labor SMART's accounts receivables and is not tied to any type of registrations or share conversions.
Ryan Schadel, Labor SMART's CEO, stated, "We are extremely pleased with the securing of our new $2 million finance facility. As with any young growth company, one of the key components for success is a company's ability to access capital in order to sustain growth. This new credit facility replaces our existing credit facility with Riviera Finance and will reduce our cost of capital substantially." He also stated, "We recently came off of our best week posting $432,572 in revenues and are optimistic that August will prove to be our most productive month so far in 2013."
As previously reported, Labor SMART (LTNC.OB) posted $1,586,351 in revenues for the month of July 2013 representing a 172% increase in revenues over the same month prior year. Current indicators point to a consistent pattern of revenue growth as the Company services its ever growing clientele during its busy season.
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. Our clients range from small businesses to fortune 100 companies. Labor SMART was founded to provide a reliable, dependable, and flexible resource for on-demand personnel to small and large businesses. Every day we provide manpower for jobs in construction, manufacturing, hospitality, events, restoration, warehousing, retail, disaster relief and more. As one of the fastest growing temporary labor providers, our goal is to become a nationwide resource and partner for our clients. We take pride in the belief that we can make a positive impact each and every day for the benefit of both our client and our temporary employees. Our mission is to be the provider of choice to our growing community of customers, with a service focused approach, that positions us as a resource and partner for their business.
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 Securities and Exchange Commission.
Public Relations and Shareholder Information Joseph M. Vazquez Phone: (678) 279-5810 Email: email@example.com
Source: Labor SMART, Inc.