Staffing 360 Solutions Receives Full Forgiveness of $19.4 Million PPP Loans – and Achieves 70% Cumulative Debt Reduction

Rhea-AI Summary

Staffing 360 Solutions, Inc. (NASDAQ: STAF) will hold a conference call on August 12, 2021, at 9:00 am ET to discuss its fiscal second quarter and six-month financial results. The company announced that it achieved full forgiveness of $19.4 million in Paycheck Protection Program loans and a 70.4% reduction in debt over the past year. The call will also cover recent revenue and gross profit growth. A press release with details will be issued after market close on August 11, 2021.

Positive

• Full forgiveness of $19.4 million in Paycheck Protection Program loans
• 70.4% cumulative debt reduction in the past twelve months
• Year-over-year revenue and gross profit growth

Negative

• None.

Sets Date to Host Fiscal Second Quarter and Six-Month Financial Results Investor Conference Call

NEW YORK, July 26, 2021 (GLOBE NEWSWIRE) -- Staffing 360 Solutions, Inc. (NASDAQ: STAF), a company executing an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom, today announced it will host a conference call to report its fiscal second quarter and six-month financial results on Thursday, August 12, 2021 at 9:00 am Eastern Time to discuss financial results, the COVID-19 environment, and recent positive business developments. The related press release will be issued after the market closes on August 11, 2021.

During the call, management will discuss:

• Recent full forgiveness of the entire $19.4 million in Paycheck Protection Program (PPP) loans made to the Company by the Small Business Administration (SBA).
• Materially improved balance sheet with a cumulative debt reduction of 70.4% in the past twelve months.
  • The 70.4% debt reduction includes the redemption feature triggered by the release of $2,080,000 that had been held in escrow since the FirstPRO sale to redeem Series G Preferred and approximately $5.0 million paid July 23, 2021 towards the outstanding note due September 30, 2022.
    • The conversion feature on the Series G provides Jackson Investment Group (JIG) the ability to convert all its outstanding Series G and G-1 shares back into 12% notes, which should total approximately $5.7 million. Management expects this conversion to happen imminently.
• Year-over-year revenue and gross profit growth.
  

Conference Call
The Participant Dial-In Number for the conference call is 323-794-2423. Participants should dial in to the call at least five minutes before 9:00am ET August 12, 2021. The call can also be accessed "live" online at http://public.viavid.com/index.php?id=145866. A replay of the recorded call will be available for 90 days on the Company's website (http://www.staffing360solutions.com/res.html). You can also listen to a replay of the call by dialing 844-512-2921 (international participants dial 412-317-6671) starting August 12, 2021, at 7:30pm ET through August 15, 2021 at 11:59 pm ET. Please use PIN Number 8035151.

About Staffing 360 Solutions, Inc.
Staffing 360 Solutions, Inc. is engaged in the execution of an international buy-integrate-build strategy through the acquisition of domestic and international staffing organizations in the United States and United Kingdom. The Company believes that the staffing industry offers opportunities for accretive acquisitions and as part of its targeted consolidation model, is pursuing acquisition targets in the finance and accounting, administrative, engineering, IT, and light industrial staffing space. For more information, visit http://www.staffing360solutions.com. Follow Staffing 360 Solutions on Facebook, LinkedIn and Twitter.

Forward-Looking Statements
This press release contains forward-looking statements, which may be identified by words such as "expect," "look forward to," "anticipate," "intend," "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, our ability to retain our listing on the Nasdaq Capital Market; market and other conditions; the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital in the future when needed; weakness in general economic conditions and levels of capital spending by customers in the industries the Company serves; weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of customer capital projects or the inability of the Company’s customers to pay the Company’s fees; the termination of a major customer contract or project; delays or reductions in U.S. government spending; credit risks associated with the Company’s customers; competitive market pressures; the availability and cost of qualified labor; the Company’s level of success in attracting, training and retaining qualified management personnel and other staff employees; changes in tax laws and other government regulations, including the impact of health care reform laws and regulations; the possibility of incurring liability for the Company’s business activities, including, but not limited to, the activities of the Company’s temporary employees; the Company’s performance on customer contracts; negative outcome of pending and future claims and litigation; government policies, legislation or judicial decisions adverse to the Company’s businesses; the Company’s ability to access the capital markets by pursuing additional debt and equity financing to fund its business plan and expenses on terms acceptable to the Company or at all; and the Company’s ability to comply with its contractual covenants, including in respect of its debt agreements, as well as various additional risks, many of which are now unknown and generally out of the Company’s control, and which are detailed from time to time in reports filed by the Company 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.

Investor Relations Contact:
Terri MacInnis, VP of IR
Bibicoff + MacInnis, Inc.
818.379.8500 x 2 terri@bibimac.com

FAQ

What date is the Staffing 360 Solutions conference call?

The conference call will take place on August 12, 2021, at 9:00 am ET.

What financial achievements will Staffing 360 Solutions discuss during the call?

They will discuss the full forgiveness of $19.4 million in PPP loans, a 70.4% debt reduction, and year-over-year revenue and gross profit growth.

When will the press release regarding the financial results be issued?

The press release will be issued after market close on August 11, 2021.

What is the stock ticker for Staffing 360 Solutions?

The stock ticker for Staffing 360 Solutions is STAF.