Labor SMART, Inc. Statement Pursuant to Reg FD

ATLANTA, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Labor SMART, Inc. (LTNC) (the “Company”), a leader in providing on-demand blue collar staffing primarily in the southeastern United States and transitioning into a diversified holding company, today provided the following background and details in compliance with Regulation FD (Fair Disclosure).

Background

Labor Smart, Inc. was incorporated in the State of Nevada on May 31, 2011. On January 30, 2020, the Company’s corporate charter was re-domiciled to the State of Wyoming due to cost concerns.

Labor Smart, Inc. was founded to provide dependable temporary staffing solutions to SMB’s and Fortune 500 Companies via its network of staffing branch offices.

On March 27, 2016, the Company filed Form 15-12G with the United States Securities and Exchange Commission, terminating its reporting requirements under Sections 13 and 15(d) of the Securities Exchange Act of 1934.

After filing the Form 15-12G in 2016, (“going dark”) the Company continued to routinely update investors via Twitter, its selected social media platform.

On April 2, 2013, the SEC issued a report that makes clear that disclosure of material, non-public information by companies pursuant to social media outlets such as Twitter or Facebook can be permissible under Regulation FD, so long as investors are alerted as to which social media a company intends to use. As previously disclosed to investors via Form 8-k filed with the Securities and Exchange Commission, Labor Smart, Inc. routinely releases material information via the following Twitter handles:

@CRyanSchadel
@LaborSMARTInc
@laborsmart

On January 15, 2020, the Company acquired Restore Franchise Group, LLC. (RFG), a pizzeria franchise operator. Details of this transaction were disclosed timely via the @CRyanSchadel Twitter handle. This was the Company’s first material business acquisition outside of the staffing industry. Through RFG, the Company operates one franchised unit in Cumming, GA. The Company has disclosed previously via the @CRyanSchadel Twitter handle that it was seeking to expand the operations of RFG via additional acquisitions.

Recent Developments

On September 16, 2020, the US Securities and Exchange Commission adopted changes to Rule 15c2-11. Per the SEC release (https://www.sec.gov/news/press-release/2020-212), the amended rule is intended to enhance disclosure and investor protection in the OTC market. Specifically, the amended rule requires that information about the issuer and its securities be current and publicly available before a broker-dealer can begin quoting that security; (2) limit broker-dealers’ reliance on certain of the Rule’s exceptions when issuer information is not current and publicly available.