Amended Credit Facility Provides Additional Working Capital for Certain Subsidiaries of Staffing 360 Solutions
NEW YORK, NY–(Marketwired – Aug 11, 2014) – Staffing 360 Solutions, Inc. (OTCQB: STAF), a public company engaged in the provision of domestic and international staffing services in the finance and accounting, administrative, engineering, IT and cybersecurity verticals, today announced an increase of its credit facility up to $15 million with Wells Fargo Bank N.A. The amended credit facility expands a previously existing facility with Wells Fargo Bank and the Company’s subsidiary, Monroe Staffing Services, LLC.
“We are pleased to announce our growing relationship with Wells Fargo Bank,” said Brendan Flood, Executive Chairman of Staffing 360 Solutions. “This expanded credit facility enhances Staffing 360’s financial flexibility and supports our internal operations. We look forward to keeping the public apprised of our latest developments as we continue to pursue our high-growth acquisition strategy.”
The secured facility will support the ongoing working capital needs of the Company. Additional information on the credit facility will be made available in a forthcoming Form 10-K to be filed with the Securities and Exchange Commission.
This announcement adds to the news of Staffing 360 Solutions’ revenue guidance, which is expected to be in excess of $26.8 million for the fiscal quarter ended May 31, 2014. The Company’s sizable growth has been achieved by completing five acquisitions over the past year, including operations in the United States and Europe.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (OTCQB: STAF) is a public company in the global staffing sector engaged in the acquisition of domestic and international staffing organizations with operations in the US and Europe. As part of its targeted consolidation model, Staffing 360 Solutions is pursuing broad spectrum staffing companies in the finance and accounting, administrative, engineering, IT and cybersecurity industries. The Company believes the staffing industry offers opportunities to create a successful public company with a longer term objective of accretive acquisitions that will drive annual revenues to $300 million. For more information, please visit: www.staffing360solutions.com
Certain matters discussed within this press release are forward-looking statements including, but not limited to, new agreements, the ability to enter into any additional acquisitions, or 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. 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.
Staffing 360 Solutions, Inc.
Alfonso J. Cervantes
Vice Chairman and President
Trilogy Capital Partners, Inc.