Arizona Tribune - Labor Smart, Inc. (OTC:LTNC) Provides Corporate Update Following Sept. 9 X Spaces Discussion

Chapter 7 Filing for Subsidiary

The Company was informed that a voluntary Chapter 7 bankruptcy petition is being filed for its subsidiary, Takeover Industries, Inc. The Chapter 7 process will be handled through the applicable U.S. Bankruptcy Court. LTNC will cooperate as required by law. At this time, the Company does not anticipate that the Chapter 7 process will impair its ability to continue operating other lines of business; however, outcomes are inherently uncertain and subject to court processes.

Adios™ Brand - Collegiate Partnership in Progress

LTNC's subsidiary, NextGen AP, is working toward a definitive agreement with a major U.S. university related to the Company's Adios™ brand. Discussions are active and progressing. No assurances can be given that a final agreement will be executed, and any ultimate collaboration remains subject to definitive documentation and customary approvals.

Share Structure Reform Initiative

As part of its ongoing initiative to streamline and reform the Company's share structure, LTNC confirms that its Board has adopted a resolution addressing approximately 4.157 billion shares in total (a combination of Common and Preferred H shares), portions of which have been previously announced in past press releases. Implementation of any retirements, cancellations, conversions, or reclassifications will proceed in coordination with the Company's transfer agent and in compliance with applicable regulations. The Company intends to provide additional specifics as material milestones are achieved.

"We're executing on two tracks: cleaning up legacy complexities while pushing forward on brand and distribution opportunities," said Brad Wyatt, CEO. "Today's update reflects that dual focus-responsibly addressing the subsidiary matter while advancing commercially meaningful initiatives like Adios™."

About Labor Smart, Inc. (OTCID:LTNC)

Labor Smart, Inc. is a Wyoming-domiciled public company focused on building and scaling consumer brands through subsidiary operations and strategic partnerships. The Company is headquartered in Jackson, Wyoming.

Investor & Media Contact
Labor Smart, Inc. (OTCID:LTNC)
Jackson, Wyoming
Email: ir@laborsmartinc.com

Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements. Such statements reflect current expectations, estimates, and projections about future events and are based on assumptions and subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements in this release include, but are not limited to: (i) the anticipated effects of the Chapter 7 process for Takeover Industries, Inc. or its parent company; (ii) the status, timing, terms, and potential outcome of discussions regarding a possible agreement between NextGen AP and a major university; and (iii) the Company's plans with respect to its share structure reform initiative. Actual results may differ due to factors beyond the Company's control, including but not limited to bankruptcy court determinations and timelines, the ability to negotiate and finalize agreements, and obtain required approvals, market conditions, regulatory matters, and operational risks. Readers are cautioned against placing undue reliance on these statements. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law.

SOURCE: Labor Smart, Inc.

View the original press release on ACCESS Newswire

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