Experience Art And Design, Inc. Exeutes Purchase Agreement To Acquire Multi Location Dry Cleaning Services Operation
LAS VEGAS, NV / ACCESSWIRE / March 31, 2016 / Experience Art & Design, Inc. (OTC: EXAD) has executed a Purchase Agreement to acquire a multi store dry cleaning services operation on the United States East Coast. The Closing is anticipated to be between May 31, 2016 and July 1, 2016 depending on the length of time to complete the audit.
EXAD will file a Super 8-K 4 days after Closing on SEC.gov.
Metropolitan has engaged a Broker to work on locating currently operating dry cleaning businesses for sale that meet the Company’s criteria. Metropolitan’s goal is to acquire $500,000 of new revenue per month for the balance of the year.
The dry cleaning industry as a whole typically realizes margins of 20-25%. Metropolitan believes through a combination of scale and a reduction of operating expenses it can increase these margins.
The dry cleaning industry is a $9B market segment employing approximately 148,000 people in the United States. While there are over 36,683 companies operating in the industry, less than 10 companies have a national presence. According to Hoover’s: the 50 largest firms generate less than 10 percent of revenue.
Experience Art & Design, Inc., in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
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This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of dry cleaning services and equipment markets, release of corporate apps, global dry cleaning services and equipment markets, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Details of the Company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission’s EDGAR database.
SOURCE: Experience Art & Design, Inc.