EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD) Files An 8-K Regulation FD DisclosureITEM 7.01 Regulation FD Disclosure
Fiscal 2016 was a foundation year with significant progress for Experience Art & Design (EXAD). New Management entered and several initiatives were executed to both clean up the balance sheet and diversify revenue streams. Twelve months later, the Company’s posture is much stronger. EXAD Management has worked to reduce liabilities and better position the Company going forward. We have made progress, but wish to finish the year in the spirit with which we began. Accordingly, Management has elected to forgo all salary for FY2016. This action reduces total liabilities to $233,547 from $381,044 at the beginning of 2016. The elimination of salary will be reflected on the 4Q2016 balance sheet. EXAD is working to complete another of its other strategic goals which is to diversify revenue streams. Management wishes to add other non-dry cleaning businesses to the overall Company that adds shareholder value while deals with Metropolitan are closing. The Company is finalizing negotiations to add another company under EXAD as a subsidiary. This entity has a strong balance sheet with both cash and liquid assets.
Metropolitan Dry Cleaners is working daily with the Sellers of a seven-unit environmentally friendly, perc free dry cleaning company to upgrade their accounting software so an audit can begin immediately. Metropolitan is not currently seeking any other opportunities until this transaction closes. The Sellers are working on adding an 8th location which will be purchased upon the closing of the first seven units.
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. EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD) Recent Trading Information
EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD) closed its last trading session up +0.00010 at 0.00120 with 8,563,751 shares trading hands.