NEW YORK, NY--(Marketwired - Aug 7, 2014) - Staffing 360 Solutions, Inc. (
"The placement of Series A bonds represents a major milestone in our capital raising goals," stated A.J. Cervantes, Vice Chairman and President of Staffing 360 Solutions. "This financing further supports Staffing 360's proactive consolidation strategy and is a significant growth driver. The principal allocation of the proceeds provided the necessary funds to close our most recent acquisition of PeopleSERVE, which places us comfortably beyond our previously announced threshold of $100 million in revenues on an annualized basis."
The capital raise was completed in conjunction with Accelerated Capital Group, Inc., an Irvine, California-based broker-dealer, who acted as placement agent for the offering to clients of Gentry Wealth Management, LLC, a Financial Services Firm with its principal offices in Scottsdale, AZ.
"Continuing our relationship with Staffing 360 through our recent investment of $4 million provides another strong alternative investment opportunity for our clients," said Christopher Bowman, Founder of Gentry Wealth Management. "We believe strongly in Staffing 360 Solutions' management team and their proactive consolidation model as they execute on their publicly stated objective of achieving $300 million in annual revenues in the next 24 months."
The Company's sizable growth to-date has been achieved by completing five acquisitions over the past year, including companies with operations in the United States and Europe. Management believes its resulting consolidated revenues place Staffing 360 Solutions in the top 30 public staffing companies in the United States.
The Series A 12% Convertible Bond Offering included equity consideration consisting of the Company's common stock to certain accredited investors. The private placement was conducted in reliance upon exemptions from registration pursuant to the provisions of Section 4(a)(2), Rule 506 of Regulation D.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (
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Forward-Looking Statements
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.
Contact Information:
Company Contact:
Staffing 360 Solutions, Inc.
Alfonso J. Cervantes
Vice Chairman and President
212.634.6410
Financial Communications:
Trilogy Capital Partners, Inc.
Darren Minton
President
212.634.6413