EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD) Files An 8-K Regulation FD DisclosureITEM 7.01 Regulation FD Disclosure
Experience Art and Design Inc. – Merger Update
“EXAD” has made an arrangement with the incoming company to assume operational control of the business while the audit is completed.
On July 1, 2017 EXAD will through a wholly owned subsidiary enter into a management agreement to run the daily operation of the incoming business. This will entitle EXAD to 50% of the revenue of the company while the audit is being completed. EXAD will not assume control of the assets until the reverse merger is completed.
The Transfer Agent has informed the Company the DTC process is still underway without any snags or bad news, an update is forthcoming.
About the market of the incoming company:
The rise in athleisure has given apparel sales a significant boost in the last couple of years. In 2014, US consumers spent $323 billion on apparel, footwear and accessories, according to The NPD Group. This was a $2 billion increase from the prior year, and largely thanks to dramatic growth in sales of activewear. Morgan Stanley predicts that, by 2020, activewear will represent $83 billion in sales, “stealing market share from non-athletic apparel.” According to Stylus, “The athleisure phenomenon looks set to continue into 2016 and beyond, and is now on course to become one of the fastest-growing global apparel product categories in the second half of this decade.”
About EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD)
Experience Art and Design, Inc. is a development-stage company. The Company is focused on two primary business models: the re-work of existing oil wells and dry cleaners, through two subsidiary companies: TransAmerican Oil and Metropolitan Dry Cleaners respectively. TransAmerican Oil is an oil and gas company, pursuing either producing turnkey oil wells, or developing fresh oil wells on producing leases within the Continental United States. The properties in which TransAmerican Oil is pursuing interests, are in various stages of development. TransAmerican is focused on the exploration, development and production of properties geographically located in the Continental United States. Metropolitan Dry Cleaners provide dry cleaning, laundry, and garment alteration services, along with regular home pick-up and delivery services. Metropolitan Dry Cleaners will have both production facilities and retail storefronts to complement its pick-up and delivery service.