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 Hot Stock to Watch |
Company: Staffing 360 Solutions Inc. (OTCQB: STAF)
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Last:
Price: 2.00
Change (%): + 0.10 (5.26)
Volume: 12,187 |
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Staffing 360 Solutions Increases Credit Facility Up to 15 Million Dollars With Wells Fargo Bank
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 dollars 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 dollars 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.
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