Labor Smart Inc (OTCMKTS:LTNC) has seen a parabolic rise out of sub penny land in recent weeks transforming from illiquid to one of the top most traded stocks on the entire exchange. The move up comes after the CEO Ryan Schadel, who has hinted on twitter that big things are in the works for LTNC started buying stock on the open market.
On December 7 LTNC held a CC after the close that resonated well with Investors; the Company says the shares bought by Ryan Schadel will go into employee stock program and they are planning another stock buyback in the near future. As well LTNC has been working hard with note holders who can do 0 conversions going forward all on a monthly payment plan. LTNC also expects massive revenues for 2016.
Labor Smart Inc (OTCMKTS:LTNC) provides On-Demand temporary labor to a variety of industries through 30 offices. The Company’s clients range from small businesses to Fortune 100 companies. Labor SMART was founded to provide reliable, dependable and flexible resources for on-demand personnel to small and large businesses in areas that include construction, manufacturing, hospitality, event-staffing, restoration, warehousing, retailing, disaster relief and cleanup, demolition and landscaping.
LTNC bills itself as one of the premier temporary labor providers in the United States because of our commitment to reliability, flexibility and dependability. Our staffing professionals are ready at a moment’s notice to help your business meet its immediate production deadlines, staff shortages, or short notice temp labor needs for any task.
When it’s your business to maximize productivity with a temporary labor staff, it’s our business to provide you with the best of the best in on-demand labor. Whether you need a short-term helping hand, a skilled team of craftsmen, or a team of long-term laborers, Labor SMART will provide the muscle you need for your business.”
LTNC is a growing Company with significant revenues and a CEO that seems serious about growing the Company long term.
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In August LTNC filed its 10Q for the quarter ending June 26, 2015. Highlights for the Quarter include: -Revenue of $6.37 million -Gross Profit Margins improved to 27.12% vs. 21.21% a year ago -Record Gross Profit of $1.727 million -Net Loss reduced by 39.5% to $564k vs. 933k a year ago.
CEO Ryan Schadel said “Our results from the second quarter of 2015 illustrate the fantastic progress being made. Last year’s decision to shed a sizeable book of business had minimal impact on year over year revenues as we replaced low margin, high risk business with more profitable customer relationships. Despite the $68k year over year decline in top line revenue, the Company’s gross profit surged to record levels.”
On August 20 LTNC provided an update on its acquisition strategy. CEO Ryan Schadel said “On August 19, 2015, Labor SMART, Inc. delivered a non-binding letter of intent to acquire the operating assets of a regional staffing company with multiple branch locations across the southern US, providing skilled and unskilled employees to small and medium sized businesses. Our initial due diligence suggests that this business will produce $12-13 million in revenue for 2015. The business does not have an On-Demand model and we would not seek to change it, rather we would seek to expand on it.”
On December 1 LTNC issued an open letter to the President and Chief Executive Officer of The Staffing Group, Ltd. (TSGL). Mr. McLoone, As you are now aware, our purchase of 2,000,000 shares of The Staffing Group Ltd. common stock on November 30, 2015 was followed by a Schedule 13D filing with the SEC, due to our previously unannounced acquisition of 1,758, 618 shares of common stock in the open market and the nature of our intentions. The purpose of this letter to you today is to clearly state what those intentions are and seek common ground for a mutually beneficial discussion.
I am quite familiar with the history of your company and we’ve had some discussions over the last two years regarding potential opportunities, business combinations, etc. I’m also aware of the burdens you were handed almost immediately upon becoming CEO of a public company. Given those challenges, I commend you for the successes you’ve been able to claim along the way. At this time, we have three separate, but related proposals that we would like to discuss with you in a formal setting. ”
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Currently trading at a $5.3 million market valuation LTNC has minimal assets and a significant debt problem that has resulted in massive dilution in the past evidenced by the current pps. But LTNC is an exciting story developing in small caps; the Company is growing very quickly and fast emerging as a revenue powerhouse on a level that very few OTC ever achieve. It is little surprise the stock has quickly attracted a massive shareholder base who, along with the CEO are buying up the float. We will be updating on LTNC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with LTNC.
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Disclosure: we hold no position in LTNC either long or short and we have not been compensated for this article.