Labor SMART, Inc. (OTCQB: LTNC) an emerging provider of on-demand temporary labor is pleased to announce its growth plans and projections for 2014.
The strategic initiatives for the Company's growth plans for 2014 include:
- The build out of additional corporate infrastructure in Q4 2013
- Expansion of additional 15 to 25 new branches in the first half of 2014
- Increase footprint into 3 to 6 additional SE U.S. states
- Initiation of a strategic acquisition strategy in the second half of 2014
- Increase of the Company's Finance Facility from $2 million to $4 million by end of Q1 2014
- Increase Gross Margins to 22% by year end 2014
- Minimum target revenues based on the minimum of 15 new branches are projected at $30 million for 2014
Based upon the initiation of the Affordable Care Act, as well as, improving economic conditions including the nationwide increase in construction, the Company expects for positive trending conditions in the blue collar staffing industry to continue, which will help solidify the exponential growth Labor SMART anticipates for 2014.
Additionally, since inception, the Company has extrapolated its projections based solely on organic growth. However, because of certain industry trends and the fragmentation of the industry, the Company has recognized opportunities that can be capitalized on through strategic acquisitions. Because of this, the Company plans on taking advantage of these opportunities as they become available.
Labor SMART, Inc. expects to open its first branch for 2014 by the end of January 2014, bringing its total branch count to 16.
The Company is also pleased to report that it has recently taken advantage of the prepayment clause in two convertible promissory notes entered into on April 10 and April 29, 2013 for the principle amounts of $115,000 and $128,500 respectively, and has retired the notes early, and in full, thereby eliminating any abilities for conversion into common stock.
About Labor SMART, Inc.
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. Our clients range from small businesses to fortune 100 companies. Labor SMART was founded to provide a reliable, dependable, and flexible resource for on-demand personnel to small and large businesses. Every day we provide manpower for jobs in construction, manufacturing, hospitality, events, restoration, warehousing, retail, disaster relief and more. As one of the fastest growing temporary labor providers, our goal is to become a nationwide resource and partner for our clients. We take pride in the belief that we can make a positive impact each and every day for the benefit of both our client and our temporary employees. Our mission is to be the provider of choice to our growing community of customers, with a service focused approach, that positions us as a resource and partner for their business.