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Stratum Holdings Inc. (OTCBB: STTH) is selling its construction staffing subsidiary Tradestar Construction Services Inc. Stratum didn't disclose the name of the buyer but said it was a private construction staffing firm. Tradestar operates staffing centers in
Stratum received $3.2 million at the close of the sale, with more proceeds expected in January from a working capital adjustment. Stratum said it will report a pre-tax gain in the fourth quarter from the sale and will use the proceeds for repayment of debt.
Stratum reported second-quarter construction staffing revenue of almost $3.4 million and total revenue of $13.7 million.
Stratum is a Houston-based staffing holding company that specializes in energy services. Its staffing subsidiaries include Petroleum Engineers Inc. and Decca Consulting Ltd. It also does oil and gas exploration through its CYMRI LLC subsidiary.
The company changed its name in March to Stratum from Tradestar Services Inc.