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Labor Smart, Inc. (OTCID:LTNC) Retires 717 Million Common Shares and 20 Preferred H Shares
Labor Smart, Inc. (OTCID:LTNC) Retires 717 Million Common Shares and 20 Preferred H Shares.
About this update from Labor Smart Inc
[{"type":"text","content":"\r\n\r\n \r\n \r\n Labor Smart, Inc. (OTCID:LTNC) Retires 717 Million Common Shares and 20 Preferred H Shares\r\n \r\n \r\n\r\n\r\nLabor Smart, Inc. (OTCID:LTNC) Retires 717 Million Common Shares and 20 Preferred H Shares\r\n\r\n\r\n\r\n\r\n\r\nOne of the largest share retirements in Company history - advancing LTNC's share structure reform and strengthening long-term shareholder value. JACKSON, WY / ACCESS Newswire / August 19, 2025 / Labor Smart, Inc. (OTCID:LTNC) today announced the retirement of approximately 717 million common shares and 20 Preferred H shares to treasury. This action marks one of the most substantial share retirements in Company history and underscores LTNC's commitment to reducing dilution, improving its capital structure, and creating long-term shareholder value.\r\n In addition to the share retirement, the Company has eliminated more than $2.3 million in legacy obligations by retiring prior debt instruments, promissory notes, and private placement memoranda, consolidating them into a single convertible note. This decisive action simplifies LTNC's balance sheet, removes historic overhangs, and provides a cleaner financial foundation to support growth.\r\n Leadership Commentary\r\n Brad Wyatt, CEO of LTNC, stated:\r\n \"Since the first countdown related to the Adios announcement, neither LTNC's C-level officers nor members of the Board of Directors have sold any of their personal holdings in LTNC. Recent regulatory disclosures required the filing of supplemental statements to position certain shares based on individual portfolio management. To be clear, as of today's date and dating back to July's Adios announcement, no sales of LTNC stock have been made by LTNC's C-level officers or Board members.\r\n This statement does not intend to limit the individual right of officers or directors to manage their personal portfolios in the future, provided all transactions comply with regulatory requirements. However, it is important to note that from July to the present, none of the selling activity in LTNC stock has involved the Company's Board or C-level executive leadership.\r\n The social media narrative suggesting LTNC's leadership has used the stock as an ‘ATM' or orchestrated hype for personal gain is unfounded and inconsistent with the facts. On the contrary, LTNC has executed one of the largest share...