Experience Art and Designs (EXAD) Management planned to announced the formal Record Date for shareholders to receive dividends in Metropolitan Dry Cleaners last week, with a target date not to exceed 01/31/2017. All corporate actions involving a spinoff have many moving parts and the Company has a reliance upon others to provide guidance and effect certain actions allowing EXAD to meet its own self-imposed deadlines.
EXAD must first be entered into the DTC system in order for a smooth spinoff to take place so all shareholders receive their shares in Metropolitan Dry Cleaners, Inc. The Company has been actively working on this. Management has also been working to set Metropolitan up with the same transfer agent as EXAD in order to ensure an easy delivery of the Metropolitan spinoff shares once the formal record date is announced.
We understand delays are not liked by anyone, including Management. The spinoff is a mandate by former management that will be carried out, and as an integral part of the process both EXAD and Metropolitan will also be registered in the DTC system.
Lawrence Gorman and I we feel the Shareholders of EXAD should receive extra shares in Metropolitan Dry Cleaners as an accommodation for their patience and understanding with these minor delays. Therefore, all shareholders of EXAD shall now be entitled to receive one and half (1.5) shares of Metropolitan Dry Cleaners for every one hundred (100) shares of EXAD they own on the record date.
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