The management of EXAD has filed with the State of Nevada to increase its Common shares by 50 million. The Company believes it will not issue more than 25 million shares to finish cleaning up the balance sheet from the predecessor companies.
The following outlines actions in process and how the Closing will take place:
1. A third party independent valuation of Incite is being obtained by Wells Fargo.
2. Wells Fargo issues a commitment letter for the balance of the funding.
3. Closing date is set for BDCI to acquire Incite.
4. Closing date is then set for BDCI to sell Incite to EXAD in a Triangular Reverse Merger.
5. A separate transaction will be done for the Native acquisition.
The Fourth Quarter should reflect the revenue of both companies on the books of EXAD.
For the 6 months ending June 30, 2017, the combined revenue of the two incoming companies was over $1,000,000 with net income of over $250,000.
Based on the 3-year projections, the combined companies will have increased revenue to over $3.3 million in year 3, with pretax income in excess of $650,000. The projections assume modest yearly increases in sales, furthermore, the projections do not reflect the anticipated benefits from cross marketing between the two company’s; nor do they take into consideration the introduction of new products and expanding sales territories.
The sales from both companies are predominantly concentrated from North Carolina down through the Florida Keys, up the west of Florida, and around to the gulf into Texas. New market opportunities are being explored in the US Pacific coast and Hawaii; as well as international markets.
The future plan is to continue growing the Performance Wear market and market share; as well as expand and diversify the product lines for both companies. Additional mergers and acquisitions in same and complimenting spaces are being considered closely for the future.
To this end, the Company has been researching the medical uniform market; our CEO has met with and is negotiating a purchase price and terms, for a unnamed company that is currently generating revenues of approximately $2 million. The medical uniform market has great potential for future growth, as the health care market continues to grow with the aging population.
Through the M&A process, the Company could add as much as $5 million in annual revenue, by venturing into the medical uniform business. The additional business would make use and be operated within of the same production and management facilities as the Performance Wear businesses. This addition would also provide the existing businesses with custom embroidery capabilities.
WEST PALM BEACH, FL -- July 25, 2017 -- InvestorsHub NewsWire -- Bahamas Development Corporation (OTC PINK: BDCI) which has entered into a transaction to merge its operating subsidiary into Experience Art and Design, Inc. (EXAD), reduced the number of its Outstanding shares of Common stock by 87.5 million during the second quarter of 2017. The Shares in the float remained the same with 10.3 million shares in Street Name. Native Outfitters ended the second quarter with total sales of $324,852 and $125,526 in account receivables. During the Quarter the Company was able to apply $180,000 in cash towards the its second acquisition, and maintain availability to its full credit line of $100,000.
BDCIs CEO has been working with Wells Fargo, the Companys banker, to finance the remaining balance of the second planned acquisition and obtain a small credit line for operations. Last week the Company received a proposal, and has been working with the bank, submitting the required documentation to close the acquisition. In September at The Surf Expo, Native Outfitters will launch a new line of Native Wear a Poly-Performance Polo shirt, that is expected to be a big hit, and significantly add to the overall revenue, and increase the customer base dramatically for 2018. In addition, the Company is also adding new colors to its Mens Performance-Poly long sleeve pull over and the quarter zip pullover, which have both been anchor products. During the first 6 months of the year, Native saw a surge in sales of its Lifestyle Resort Shorts featuring a premium microfiber that is fast drying with ultimate comfort and fit, and will be looking at adding addition designs, to meet the growing demand. The Company was informed by its counsel in the Bahamas, that the corporation which will be used for its operations on the island of Freeport has been approved by the government and duly incorporated. This is a significant step in setting up operations on the island. This week the business license application will be submitted to the Grand Bahama Port Authority (GBPA). The Company was already told by a representative of the GBPA, that they see no reason not to believe that a license would be granted for its t-shirt manufacturing facility. The Bahamian Government is searching for ways to reduce its unemployment rate, all the while trying to keep more money on the Island; reducing imports and have Island-made products saleable to the 500,000 plus tourists that visit each month. To this end, the Bahamian apparel business has a built-in customer base on the Island of Freeport; if the Island operation just services the local market, it will add well over a $1 million a month in revenue to the bottom line.
EXAD is pleased to announce our CEO has received a proposal from Wells Fargo, which includes a total of $325,000 in financing to complete its second acquisition. Wrapped within the financing is a Line of Credit for $75,000 to cover the first 30 days of operations during the turnover.
The supporting documents needed by the bank to close on the financing have already begun to be returned to the bank from all parties.
Since this will be the second financing by Wells Fargo, a good portion of the supporting documents are already on file.
On July 10, 2017 we entered into an Management Service Agreement with Bahamas Development Corporation (“BDCI”) to assume managerial responsibilities for its Performance Wear subsidiary. Under the terms of this Agreement, EXAD will begin booking 100% of the revenue generated by the subsidiary retaining all Net income as of July 1, 2017. www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12171604
From 7-5-17 8k:
On July 5, 2017, there was a change in control of Experience Art and Design, Inc., a corporation organized under the laws of the State of Nevada (the "Company").
In accordance with a mutually agreed upon transaction by and between the Company, Matthew Dwyer a majority shareholder (“Dwyer”), and Eugene Caiazzo an individual (“Caiazzo”) and controlling shareholder of Bahamas Development Corporation. (“BDCI”) and Gary Brown an individual (“Brown”) a Director of BDCI. The Company has unanimously agreed via its Board of Directors to appoint Caiazzo Director and CEO of the Company and appoint Brown a Director of the Company.
Therefore, in accordance with the transaction, the Company further accepted the resignation of Matthew Dwyer, as Director, Chief Executive Officer, Secretary, Treasurer/Chief Financial Officer effective July 5, 2017. Simultaneously, the Board of Directors appointed Caiazzo and Brown as members of the Board of Directors and Caiazzo as Chief Executive Officer, Secretary and Treasurer/Chief Financial Officer of the Company.
Eugene Caiazzo – serves as Chief Executive Officer, Secretary and Treasurer/Chief Financial Officer and Director for the Company.
As of March 1, 2016, Mr. Caiazzo has accepted the responsibility of President for Native Outfitters, a Performance Apparel Company. In his first 4 months of leadership, the Company has doubled its output capacity, and looks to triple it by the end 2017. While Mr. Caiazzo was a neophyte to the garment industry, his business acumen has proved invaluable to Native, production and sales increases combined with reductions of overheads, have allowed the Company to set all-time records for sales and profitability. In addition, for over 30 years Mr. Caiazzo has been involved with international Sales, Marketing and procurement of a wide-range of products, from beverages and consumer electronics to computer peripherals much more. He possesses the following geographical expertise as: sales and marketing in CALA (Caribbean & Latin American) region and the US, and a long history of both US and Asian procurement. Mr. Caiazzo has been directly and indirectly associated with world-class companies such as, Coca-Cola, Panasonic, Sony, Hewlett-Packard, Arrow Electronics and Avnet, just to name a few. This diverse Corporate and regional/global expertise, should serve the company well.
Mr. Caiazzo attended Rutgers University and Majored in Philosophy through 1982, after which he began his international career. Gary Brown – serves as a Director for the Company During the past twenty-five plus years, Mr. Brown has been involved in organizational leadership and management. Since 2005 to present date, Mr. Brown has been employed with the Department of Defense, as a Deputy Director in Operations Management, pursuant to which his duties include, but are not limited to, the following: (i) working with various upper executive management in operations management and support; (ii) preparing and providing security operating procedures and material; (iii) maintaining and developing leadership structures within the organization; (iv) coordinating visits by foreign nationals to governmental installations and other secure contract facilities; (v) coordinating cross functional agencies supporting mission needs and milestones; and (vi) financial management as well as budget distribution and execution. Full 8k: https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12158934
From 6-27-17 8k:
“EXAD” and BDCI will execute their management agreement on or around July 7, 2017. Both companies wish to complete a true up count of inventory prior to entering into the management agreement. Bahamas Development Corp. “BDCI” is having a busy month with several orders that need to be delivered for July Fourth, which combined with scheduled vacation time make it impossible to complete this task by July 1, 2017. EXAD has invited Mr. Eugene Caiazzo, the President of BDCI to join the Board of EXAD and to become its President. Mr. Caiazzo has accepted the offer and will officially become an officer and director effective July 1, 2017.
EXAD has now completed 2 of the 3 steps to complete the transaction with the final steps being the management agreement and Asset Purchase Agreement. Once those two documents have been completed our current President Mr. Matthew Dwyer will resign from all positions with EXAD. This is expected to take place no later than July 15, 2017. The company will then file its 14C and complete the processes of the Triangular Reverse Merger.
EXAD has been informed that BDCI and Mr. Eugene Caiazzo are working with their banking partner to complete the funding of their second acquisition. The closing of the second acquisition is expected to be anywhere between the 15 and 31 of July, 2017. https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12145907
From 6-22-17 8k:
“EXAD” would like to announce the Company has been informed that its shares are now DTC eligible and will settle electronically.
Experience Art & Design, Inc. (OTC: EXAD) and Bahamas Development Corp. (OTC: BDCI) have agreed to merge the operating subsidiary of BDCI into EXAD ($2.4 million in revenue for 2016-2017).
The transaction will be completed via a Triangular Reverse Merger once the audit in completed on the financials of the subsidiary. BDCI will offer its shareholders the opportunity to voluntary exchange their shares of BDCI for shares of EXAD. The current officers and Board members of BDCI, Eugene Caiazzo and Gary Brown will assume the same positions in EXAD, all current officers and Board members of EXAD shall resign. Read full 8k here: www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12136265
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
