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.
Company confirmed only 25mill left to settle previous debt
Catalyst:
Financials of new acquisitions
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.
Bahamas Development Corporation (OTC PINK: BDCI) which has entered into a transaction to merge its operating subsidiary into Experience Art and Design, Inc.
Experience Art and Design is pleased to confirm the 2016 mark-to-market year-end asset valuation of the incoming assets was in excess of $10 million dollars. Transfer of control of EXAD is slated to take place after the close of trading on Friday January 6, 2017.