STAF - Staffinig 360 Solutions sells firstPRO recruitment business unit for $3.3M

Staffing 360 Georgia, subsidiary of Staffing 360 Solutions (STAF) announces sale of substantially all the assets of the company’s firstPRO 360 business for $3.3M in cash.Company intends to use the proceeds from the sale of firstPRO to redeem shares of preferred stock held by Jackson Investment Group.The transaction is a part of the company's international buy-integrate-build strategy through the acquisition of staffing organizations in the United States and the United Kingdom."In the present challenging environment, when Neil Ellison, President of firstPRO 360, expressed interest in acquiring the company, we saw it as the right move at the right time for both of us. The sale provides us with the opportunity to improve our balance sheet and allow our management team to focus on doing what it does best." says Brendan Flood, Chairman and CEO.

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Staffinig 360 Solutions sells firstPRO recruitment business unit for $3.3M