rejected Source: Staffing 360 Solutions, Inc.
March 27, 2017 17:16 ET
Staffing 360 Solutions and Its Board of Directors Reject Buy-Out Offer from Jackson Investment Group
Staffing 360 Believes that the Recent Offer by Jackson Investment Group to Acquire All of the Shares of Staffing 360 Solutions for $1.10 per Share Does Not Recognize the True Value of the Company
NEW YORK, NY--(Marketwired - March 27, 2017) - Staffing 360 Solutions, Inc. (NASDAQ: STAF), a public company executing a global buy-and-build strategy through the acquisition of staffing organizations in the United States and in the United Kingdom, today announced its rejection by the Company and its board of directors (the "Board") of the recent proposal by Jackson Investment Group to purchase all of the shares of Staffing 360 Solutions at $1.10 per share.
"We truly appreciate the support of Jackson Investment Group and the words of confidence in our management team contained in the letter," stated Brendan Flood, Executive Chairman at Staffing 360 Solutions. "However, we believe that the offer significantly undervalues the Company and would not be in the best interest of the Company and its shareholders."
The proposal by Jackson Investment Group was received by the Company on Thursday, March 23, 2017 and delivered to the Board on Friday March 24, 2017.
About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. (NASDAQ: STAF) is a public company in the staffing sector engaged in the execution of a global buy-and-build strategy through the acquisition of domestic and international staffing organizations in the United States and in the United Kingdom. The Company believes the staffing industry offers opportunities for accretive acquisitions that will drive its annual revenues to $300 million. As part of its targeted consolidation model, the Company is pursuing acquisition targets in the finance and accounting, administrative, engineering and IT staffing space. For more information, please visit: www.staffing360solutions.com.
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Forward-Looking Statements
Certain matters discussed within this press release are forward-looking statements. These statements may be identified by words such as "expect," "look forward to," "anticipate" "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. 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. Actual results may vary materially from those expressed or implied by the statements herein, including the goal of achieving annualized revenues of $300 million, due to the Company's ability to successfully raise sufficient capital on reasonable terms or at all, to consummate additional target acquisitions, to successfully integrate any newly acquired companies, to organically grow its business, to successfully defend any potential future litigation, changes in local or national economic conditions, the Company's ability to comply with our contractual covenants, including in respect of its debt, as well as various additional risks, many of which are unknown at this time and generally out of the Company's control, and which are 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 does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
Contact Information
Corporate Investor Contact:
Staffing 360 Solutions, Inc.
Darren Minton
Executive Vice President
646.507.5712
Email contact
Financial Contact:
Staffing 360 Solutions, Inc.
David Faiman
Chief Financial Officer
646.507.5711
Email contact
