Labor Smart (OTCBB: LTNC), an industrial staffing provider, sold one branch location to an unrelated third party in a deal valued at $677,650.

The transaction closed Feb. 19. Labor Smart received $336,000 cash and retained open accounts receivable of $341,650 in the transaction.

“We received an official letter of intent last Thursday afternoon for this branch and proceeded, as the end result was consistent with our short term goals of cleaning up our capitalization structure and positioning the company for future growth without the heavy weight of toxic debt,” said President and CEO Ryan Schadel. “Having the ability to monetize assets is just one of the many tools we have to reach our short term goals.”

This transaction does not affect the proposed arms-length transaction with The Staffing Group Ltd. (OTCBB: TSGL) for the acquisition of six Labor Smart branches.

The company confirmed it continues to field offers for other transactions.