Metropolitan Dry Cleaners is currently poised to have 11 locations capable of generating well in excess of $1.8 million in annual revenues for fiscal year 2017

LAS VEGAS, NV / ACCESSWIRE / September 14, 2016 / Experience Art & Design, Inc. (OTC: EXAD) and a Seller in the North Eastern United States have executed a Letter of Intent to acquire a seven-unit environmentally friendly, perc free dry cleaning company that offers a multitude of additional services ranging from executive shirt service to tailoring and alterations. Net cash flow from the operation in 2015 was over $250,000.

Metropolitan Dry Cleaners was approached by the prospective Seller who was looking to effect an off-market transaction in August of 2016, and the two companies have been in ongoing negotiations since then. EXAD is very grateful for the opportunity, and the Seller has kindly agreed to remain employed by the Company for a period of up to three years following the closing of the transaction.

The operation has been a trusted neighborhood brand for over 65 years. They are known for their continued innovation, leadership in green initiatives and expertise as highly trained dry cleaning professionals.

The transaction allows Metropolitan the opportunity to digitally expand through the re-branding of an existing dry cleaning app used by the Company, as well as expanding physical operations in a new region of the United States. Metropolitan and the Seller have agreed that should any real estate be sold in the future, Metropolitan will have the right of first refusal.

Metropolitan plans to expand pick-up and drop-off services within the geographic coverage area served by the existing seven units, as well as developing additional processing services that will be offered to the local community.

Closing and Name change Updates:

The audits for the two pending acquisitions in Florida are moving forward. EXAD supplied each company with a detailed list of information needed to complete their audit. One company has supplied all the information. This information has already been reviewed by EXAD's audit team and passed the feasibility review. That audit is in process now. The second company is still gathering the information needed and is expected to have the last open items to EXAD shortly. At that time the information will be forwarded to the audit team for a feasibility review. If it passes the feasibility review, it shall move forward with its audit.

Audits normally take 60 to 75 days to complete and timing is dependent on the information provided by the Seller as well as the response time for additional information requests. EXAD uses a third-party CPA to help expedite the audit process. The CPA prepares the financials, footnotes, and does the testing, before handing the package over to auditors for final review.

The Closings for both companies are moving forward. The Closing Dates stated within the executed documents are based on strict timelines for delivery of documents and the availability of the auditors and the CPA. The Closings are contingent on audited financials for fiscal years 2014, 2015, and the first six months of 2016, which are in-line with the financial information represented prior to closing. If the information does not align then a write-down on the target company would be required prior to Closing.

EXAD is continuing its search for additional companies to acquire and enter into transactional documents to create a backlog of acquisitions. EXAD has already identified and reached out to several companies in the North Eastern United States, however these contacts are still at a pre-LOI stage. Closing times will vary from deal to deal making the backlog important for Metropolitan's growth so its success is not reliant on any single transaction.

EXAD has begun the process of a name and ticker change as part of its corporate strategy. The first of two filings with the State of Nevada are complete, the second filing will be done within the next 10 days. EXAD created a wholly owned subsidiary Metropolitan Dry Cleaners LLC in the State of Florida.

EXPERIENCE ART & DESIGN, INC., IN COMPLIANCE WITH SEC REGULATIONS, MAY IN THE FUTURE USE SOCIAL MEDIA OUTLETS LIKE FACEBOOK OR TWITTER AND ITS OWN WEBSITE TO ANNOUNCE KEY INFORMATION IN COMPLIANCE WITH REG FD.

For additional information about this release please contact:

Investor Relations:

702-347-8521
info@metropolitandrycleaners.com
http://www.metropolitandrycleaners.com

Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of dry cleaning services and equipment markets, release of corporate apps, global dry cleaning services and equipment markets, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's EDGAR database.

SOURCE: Experience Art & Design, Inc.