Addition mail from Derrick:
Ralph,
Good morning.
I was unable to respond more fully before the 3Q2016 report was filed about the MBM deal. EXAD's focus is to work with its subsidary (ies) to bring in appropriate deals for shareholders: assets, revenues, and profits, and not simply to cut any deal.
EXAD established a new LLC, Metropolitan Dry Cleaners LLC. The LLC is designed to house any dry cleaning operations the company acquires or establishes. This continues to be the sole focus of Metropolitan Dry Cleaners LLC.
The Company made significant progress with its planned dry cleaning operations under the brand name Metropolitan Dry Cleaners in the North Eastern United States. The decision, based on the size of the prospective operation, was to abandon the smaller opportunities being explored in Florida, and devote all resources to this transaction.
On September 14, 2016 the Company informed shareholders that it had executed a Letter of Intent (LOI) with a Seller to acquire their seven-unit environmentally friendly green dry cleaner based in the North Eastern United States. We have been working collaboratively to effect the transaction. The operation has revenue of over $800,000 currently and generated over $250,000 net income in 2015. The operation will be re-branded under Metropolitan Dry Cleaners.
Regards,
Derrick Lefcoe
