Universal Apparel & Textile Company (DKGR:OTC) Provides A Corporate UpdatePress Release | 02/19/2018
Universal Apparel & Textile Company (DKGR:OTC) is pleased to provide a corporate update. In 2014, Universal Apparel Company, an Illinois corporation, was bought by Drake Gold Resources Inc., a publicly traded company, making it a wholly-owned subsidiary. Mr. Mahabubul Kabir was then appointed as the CEO and has managed all aspects of the company since then. All previous officers and directors of Drake Gold resigned with absolutely no involvement with the company whatsoever. Universal Apparel Company was and still is a vertical manufacturer , importer and distributor of textiles, apparels and accessories. Since the companys core business is apparel and textiles, in 2015, Drake Gold changed its name to reflect the focus of its main asset and the ensuing direction of the company to Universal Apparel & Textile Company.
Since Mr. Kabir became CEO, Universal Apparel has had continuous revenue growth with profits. It strategically selected Bangladesh for production because it has the lowest cost of labor in the global manufacturing environment. The demand for its products has steadily increased and is now greater than it has ever been. As such, some factories in Bangladesh are working on its products exclusively and with overtime.
In 2017, we planned on buying a medium sized manufacturing facility in Bangladesh to have more control over costs. This was delayed but we expect to close on the acquisition this calendar year.
Universal Apparel will be revamping its ladies product lines. The focus will now be on junior tops and stretch denim jeans with the gradual introduction of other high end garments.
Market research shows that online retail sales are growing exponentially. In 2016, Universal Apparel planned on having an online retail clothing store to sell high end PK polo shirts and washed denim jeans. This endeavor was delayed but will be implemented this calendar year. It is expected to dramatically increase revenue.
Universal Apparel also intends to increase its sales force. It is in negotiations with a number of entities in the West Coast for joint ventures to combine sales initiatives. As a result, it will hire several sales and marketing personnel in the cities of Los Angeles and New York.
Universal Apparel has its corporate office in Aurora, IL. Aurora is 30 miles west of downtown Chicago. It is finalizing negotiations with a real estate company to have a new corporate address soon and in a much larger space.
Mr Kabir, CEO of Universal Apparel, states, we had an excellent year in 2017 and we are entering 2018 with a backlog of work. Our factories in Bangladesh are working 15 hours shifts to meet current demand. We are continuously booking new orders from our existing customers and acquiring new ones.
Updates will be forthcoming.
