Labor SMART, Inc. Acquires Operating Assets Of Qwik Staffing Solutions
Labor SMART, Inc. Acquires Operating Assets Of Florida-Based Qwik Staffing Solutions
Labor SMART Enters Into Its 8th State with 13 Operating Branches
Labor SMART, Inc. (OTCQB: LTNC) (the "Company") an emerging provider of on-demand temporary staffing, today announced that it has acquired substantially all of the operating assets of Florida-based Qwik Staffing Solutions, Inc.
This acquisition adds 3 additional branches located in Jacksonville, Orlando and Tampa, FL, bringing the Company's latest branch count to 13 branches located in 8 states. These new locations will add to Labor SMART's growing ability to service clients over a larger geographic area.
Based on historical performance, Labor SMART expects these additional branches to produce in excess of $3.2 million in revenue and contribute approximately $350,000 to the Company's EBITDA over the next 12 months. In addition to adding these key Florida markets to its increasing footprint, the Company is also excited about the high caliber of talent being added as they welcome the employees from Qwik Staffing Solutions to the Labor SMART family.
Ryan Schadel, Labor SMART's CEO, stated, "Our ability to acquire established on-demand labor companies and entrench them with our proven business model will now enable us to strategically grow our company on an even greater scale. This acquisition brings our current projected revenues to $15.5 million dollars without the addition of any further branches in 2013, which is highly unlikely." He also stated, "As we steadily approach our goal of having 18 to 20 branches in 12 states for 2013, we also look forward to increasing our footprint on a greater scale and bringing significant shareholder valuation to the Company.