Metavesco Inc. (OTCMKTS: MVCO), a Cumming, Georgia-based firm operating in the cryptocurrency space, announced on Dec. 29, 2023, a delay in its acquisition of staffing assets from Laborsmart Inc. and Epic Labor Inc.
Metaveso first announced the acquisitions of all operating assets of Atlanta-based staffing provider Laborsmart in November 2023 and certain assets and IP from Epic Labor Inc., a staffing firm based in Stone Mountain, Georgia, in September of the same year.
The company in September also announced plans to start a staffing division.
“Revenue produced by these assets in the last few weeks has been quite volatile. This volatility is most likely due to seasonal trends, but I think it’s best to wait for revenue to stabilize before closing this acquisition,” Metavesco CEO Ryan Schadel said in a press release.
“Given the related party nature of the Laborsmart component, I am very sensitive to the optics of this deal. I want this deal to happen, and it will happen when the downside risk to Metavesco has been properly assessed and mitigated,” Schadel said. “I will monitor weekly sales trends and report those trends to shareholders. Once these businesses return to profitability, we will move to close the acquisitions. In the meantime, we will continue making internal preparations for the acquisition and building our current businesses.”
Metavesco, a crypto liquidity provider, also operates Bitcoin mining operations in Texas, Kentucky and Iowa.