MLHC golden!!! .0009
ANAHEIM, CA / ACCESSWIRE / April 22, 2015 / M Line Holdings, Inc. (PINKSHEETS:MLHC "M Line" or the "Company"), is pleased to announce that it has completed another step in our 12 step re-organization plan that was announced in March.
This first acquisition involves the purchase of 100% of BlueStar Machinery, Inc. ("BlueStar") which will have the effect of an increase in excess of $8 million in annual revenues and approximately $750,000 EBITDA. It will further cause some $800,000 in additional savings at our Elite division by certain employee reductions and intended consolidation of facilities.
The purchase price for BlueStar is 3,300,000 shares at a value of 10 cents per share plus we will be refinancing its operating assets and providing new financing for the purchase of additional inventory of CNC machinery.
Bruce Barren, CEO of M Line, commented, "We are pleased to announce that Sean Johnson will become the President of our Elite division as well as continuing as President of BlueStar. This is just another step in the implementation of our 12 step program to enhance shareholder value."
Adding to the above, Tony Anish, COO of M Line, further stated, "We have made considerable progress in the audit of our June 10-K and are also working on completing all three outstanding 10-Q's so that the Company can, as soon as possible, become current in its filings and fully reporting again."
Bruce and Tony further commented that, "The recovery plan to date has been extremely difficult and has taken longer than expected, but we now feel that the hard work over the last year or so has begun to pay-off and the improvements are now back on target. We should be able to show the impact of the hard work by all our team and attain increased shareholder value in the near future."
