Labor SMART Inc. (OTCBB: LTNC), a provider of industrial staffing serving the southeastern US, received a non-binding, unsolicited letter of intent from industrial staffing provider Command Center Inc. (OTCBB: CCNI) to purchase substantially all of the company’s assets for cash.

“I appreciate the vote of confidence in our business from a formidable competitor in our space,” said Labor Smart Chairman and CEO Ryan Schadel.

“A sale of our assets to Command Center looks interesting but there is much that must be considered. Labor SMART is still very much a startup company and our shareholders have been very supportive and patient while we work through our capital structure challenges and debt load,” Schael said. “While I can see how our growth engine would be an attractive acquisition, taking our chips off the table now seems premature. The offer will be reviewed carefully with legal counsel and major stakeholders, though at first glance it appears to be inadequate. We will respond promptly and appropriately.”

Labor SMART posted revenue of $24.0 million in 2014 but posted a net loss of $5.1 million.