Command Center Sells California Locations
30 Agosto 2019 - 3:05PM
Business Wire
Part of Strategic Decision to Exit
California Marketplace
Command Center, Inc. (Nasdaq: CCNI), a national provider of
on-demand and temporary staffing solutions, today announced that it
has agreed to sell its four California locations to Resolute
Enterprises, LLC for $1.8 million. Command Center is providing
seller financing for the transaction, receiving a four-year
promissory note at 10% interest.
“After careful review, we determined that California has a
number of regulations unique to the state, and complying with these
requirements would require significant and ongoing resources which
do not make sense at our current size,” commented Rick Hermanns,
Command Center’s President and Chief Executive Officer. “At our
current scale, we believe there are better investment opportunities
elsewhere. Our focus remains to convert the remaining branches to
the franchise model. We continue to expect to convert the remaining
branches to the franchise model by the end of 2019.”
About Command Center
Command Center and its subsidiary Hire Quest, LLC (“Hire Quest”)
provide flexible on-demand employment solutions to businesses in
the United States, primarily in the areas of construction, light
industrial, manufacturing, hospitality and event services. Through
more than 146 franchised and corporately-owned field offices in 31
states and the District of Columbia, the Company, through Hire
Quest, provides employment annually for approximately 85,000 field
team members working for thousands of clients. For more information
about Command Center, go to www.commandonline.com.
Important Cautions Regarding Forward-Looking
Statements
This news release contains forward-looking statements as defined
by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. These statements are subject to
uncertainties and risks, including, but not limited to, national,
regional and local economic conditions, the availability of
workers’ compensation insurance coverage, the availability of
capital and suitable financing for the company’s activities, the
ability to attract, develop and retain qualified store managers and
other personnel, product and service demand and acceptance, changes
in technology, the impact of competition and pricing, government
regulation, and other risks set forth in our most recent reports on
Forms 10-K and 10-Q filed with the Securities and Exchange
Commission, copies of which are available on our website at
www.commandonline.com and the SEC website at www.sec.gov. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the company, are expressly qualified by
these cautionary statements and any other cautionary statements
which may accompany the forward-looking statements. In addition,
the company disclaims any obligation to update any forward-looking
statements to reflect events or circumstances after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20190830005377/en/
Company Contact: Command
Center, Inc. Cory Smith, CFO (866) 464-5844
cory.smith@commandonline.com
Investor Relations
Contact: Hayden IR Brett Maas 646-536-7331
brett@haydenir.com
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