2013-02-13 16:07:01 -
NEW YORK, NY -- (Marketwire) -- 02/13/13 -- Staffing 360 Solutions, Inc. (OTCQB: STAF), an emerging growth public company engaged in the provision of staffing services in IT, financial, accounting, healthcare and banking industries, today announced the execution of an agreement to establish a credit facility with Sterling National Bank.
"We are pleased to announce our new credit facility with Sterling National Bank," stated Allan Hartley, CEO of Staffing 360 Solutions. "Sterling is an extraordinarily competent organization with over 80 years of banking experience across a wide assortment of businesses. In addition, their high-degree of familiarity with the staffing industry provides us with a unique understanding that will prove beneficial as we execute our strategic vision on a highly accelerated basis."
"We fully support the management team and business model at Staffing 360 Solutions," said Stephen M. Leavenworth, Sterling's Division President of Payroll Finance. "Their accretive acquisition strategy within the staffing industry is a very exciting proposition. We are proud that they have chosen Sterling National Bank to support the direction of the company as well as the needs of their clients."
Staffing 360 believes that a consolidation strategy is ideally suited for the highly fragmented temporary staffing industry. The company's veteran management team has been engaged in the development of a comprehensive program to create a robust pipeline of prospective acquisitions, and has significant experience in locating and evaluating prospective target companies. Management at Staffing 360 believes the opportunity exists to build a high growth, large, dominant publicly held franchise by combining many smaller entities in the U.S., Europe and India.
About Sterling National Bank
Since 1929, Sterling National Bank has successfully served the needs of businesses, professionals and individuals in the NY metropolitan area and beyond. Sterling is well known for its high-touch, hands-on approach to customer service and a special focus on serving the business community. Sterling National Bank is the principal banking subsidiary of Sterling Bancorp (NYSE: STL), a New York City-based financial corporation with assets of $2.7 billion. Sterling provides clients with a full range of depository and cash management services and a broad portfolio of financing solutions -- including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment leasing and financing, commercial and residential mortgages and mortgage warehouse lines of credit. For more information, please visit: snb.com : www.sterlingbancorp.com/
or call 212-757-3300.
About Staffing 360 Solutions
Staffing 360 Solutions is an emerging public company in the international staffing sector that intends to acquire high-growth domestic and international staffing agencies. As part of its highly targeted consolidation model, Staffing 360 Solutions is pursuing broad spectrum staffing companies in the IT, financial, accounting, healthcare and banking industries. The Company believes the staffing industry offers significant opportunity to create a successful public company with a longer term objective of accretive acquisitions that will drive annual revenues to a minimum of $250 million. The initial acquisition profile is $10 million to $75 million in revenues, a minimum of $1.0 million EBITDA with a concentration on professional staffing services, which generates higher margins. www.staffing360solutions.com : www.staffing360solutions.com/
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Staffing 360 Solutions, Inc.
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