The Staffing Group, Ltd. (OTCBB:TSGL) agreed to acquire Six Branch Locations from Labor SMART, Inc. for $3.6 million on February 12, 2016. The consideration to be paid in $1.3 million in cash, $1.3 million in restricted stock of The Staffing Group, and $1 million in a senior secured convertible debenture with a maturity date 24 months from the closing date of the transaction. In the interest of shareholder value, fairness, and avoidance of doubt, Labor SMART will entertain competitive bids for these assets before executing definitive documents for the sale of these six branch locations to The Staffing Group, Ltd.

The Staffing Group Ltd. (OTCPK:TSGL) cancelled the acquisition of Six Branch Locations from Labor SMART, Inc. on February 12, 2017.