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Staffing 360 upgrades revenue guidance

November 12, 2014

Staffing 360 Solutions Inc. (OTCBB: STAF) announced today revenue for the quarter ended Nov. 30 will be $35.0 million, an increase from previously released forecast of $32.1 million. Due to five acquisitions completed over the past year in the US and UK, this represents a year-over-year increase in revenue from $2.0 million in the quarter ended Nov. 30, 2013.

“Our guidance represents significant year-over-year revenue growth and is a major testament to both our targeted M&A and organic growth strategies,” said CEO Matt Briand.

Staffing 360 reported net revenue of $33.4 million in its fiscal first quarter ended Aug. 31; however, the firm also reported a net loss of $4.7 million for the quarter.

Staffing 360 Solutions launched in 2012 and is pursuing broad spectrum staffing companies in the IT, financial, accounting, healthcare and cybersecurity industries. The company’s stated mission is to become a $300 million revenue business. In October, the company announced it had applied to uplist its stock on the Nasdaq National Market.

Shares in Staffing 360 were unchanged in early afternoon trading today at $1.05 and Staffing 360 has a market cap of approximately $39.64 million, according to Yahoo!