EXPERIENCE ART AND DESIGN, INC. (OTCMKTS:EXAD) Files An 8-K Regulation FD DisclosureITEM 7.01 Regulation FD Disclosure
Metropolitan Dry Cleaners 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.
The owners of the Preferred A Series shares have already waived their rights to receive any dividends, allowing more shares to flow to the Common shareholders.
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 down -0.00030 at 0.00250 with 3,290,797 shares trading hands.