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LABOR SMART, INC.

(LTNC)
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LABOR SMART, INC. : Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Changes in Control or Registrant, Change in Directors or Principal Officers, Other Events (form 8-K)

03/03/2021 | 05:57pm EDT

Item 1.01 Entry into a Material Definitive Agreement

On February 27, 2021, Labor Smart, Inc. (the "Company") entered into a Stock Purchase Agreement (the "Agreement") with Takeover Industries, Inc. (the "Seller"). Pursuant to the Agreement, the Seller became a wholly owned subsidiary of the Company. In consideration therefor, the Company shall issue 6,800,000,000 RESTRICTED shares of common stock to the shareholders of Takeover Industries, Inc.

Item 2.01 Completion of Acquisition or Disposition of Assets

In connection with the Agreement and Exhibit A of the Agreement in Item 1.01, the Company disposed of Restore Franchise Group, LLC, a wholly owned subsidiary.

Item 5.01 Changes in Control of Registrant

Pursuant to the Agreement and Exhibit A of the Agreement in Item 1.01, there has been a change in control of the Company, whereby Ryan Schadel no longer maintains voting control via Series A Preferred shares.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Pursuant to the Agreement and Exhibit A of the Agreement in Item 1.01, Joe Pavlik has been appointed as President and Chief Executive Officer of Labor Smart, Inc.Mr. Schadel, the outgoing President and Chief Executive Officer has agreed to stay in an advisory role as long as necessary for the Company to meet its interim goals and complete its registration and filings with OTC Markets Group to become "Pink Current".


Item 8.01 Other Events.


On March 1, 2021, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.




Item 9.01 Exhibits



  Exhibit 99.1      Press release dated March 1, 2021
  Exhibit 99.2      Acquisition Agreement




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Managers and Directors
NameTitle
Joe Pavlik President & Chief Executive Officer
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