Financings Over the Last 3 Months Have Helped to Reduce the Company's Debt and Strengthen Its Balance Sheet
NEW YORK, NY--(Marketwired - June 30, 2016) - Staffing 360 Solutions, Inc. (NASDAQ: STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations in the US and the UK, today announced $5.3 million in equity raises since the company's S-3 went effective on March 22, 2016.
"As we've stated repeatedly, one of our primary objectives is to strengthen our balance sheet as we continue to grow," said Brendan Flood, Executive Chairman of Staffing 360 Solutions. "Since our S-3 went effective we have raised over $5 million, and we've done so in various forms of equity, including our $2 million raise this week. Although we mentioned on our last conference call that we were debt heavy and equity light, the use of our recent Shelf Registration has allowed us to make very positive inroads on this exercise."
Mr. Flood continued, "This series of recent equity financings has been a significant catalyst for our strategic growth initiatives. As our balance sheet continues to strengthen we believe our awareness and perception in the capital markets will rise as well."
The Company's equity raises over the last 3 months have varied from common stock transactions, to preferred stock structures. The offerings have been made under the Company's shelf registration statement on Form S-3, as supplemented by a Prospectus Supplement dated June 27, 2016 that was filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended.
This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) is a public company in the staffing sector engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations in the US and the UK. The Company believes the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT staffing space. For more information, please visit: www.staffing360solutions.com.
Certain matters discussed within this press release are forward-looking statements including, but not limited to the timing and ability to enter into any additional acquisitions, as well as the size of future revenue. Although Staffing 360 Solutions, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Specifically, in order for the Company to achieve annualized revenues of $300 million, the Company will need to successfully raise sufficient capital, to consummate additional target acquisitions, successfully integrate any newly acquired companies, organically grow its business, successfully defend current and any potential future litigation, as well as various additional contingencies, many of which are unknown at this time and generally out of the Company's control. The Company can give no assurance that it will be able to achieve these objectives. Staffing 360 Solutions does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in Staffing 360 Solutions' reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K.