Experience Art And Design, Inc. Announce Record Date for Metropolitan Dry Cleaners, Inc. Spin-off.
January 31 2017 - 11:20AM
InvestorsHub NewsWire
LAS VEGAS, NV --
January 31, 2017 -- InvestorsHub NewsWire -- Experience Art &
Design, Inc. (OTC: EXAD) Experience Art and Designs (EXAD)
Management along with Metropolitan Dry Cleaners, Inc (“Metro”) is
pleased to declare the Record Date for all shareholders of EXAD to
receive shares of Metro’s spinoff is Friday February 10,
2017. Each shareholder of EXAD shall receive one and a half
(1.5) shares of Metro for every one (1) share of EXAD they own on
the Record Date. If all action items required to complete the
spinoff happens sooner than February 10, 2017 EXAD reserves the
right to bring forward the Record Date.
Metro will be filing its
own Form 10 soon after the spinoff. The Form 10 will register all
shares of Metro, including the shares received by EXAD
shareholders, as part of the spinoff.
A 15c-211 will be filed
once the Form 10 has been filed and is visible on SEC.gov.
Acceptance of the 15c-211 will allow Metro to begin trading once
the Form 10 goes effective. Metro shares received as part of
the spinoff will be free trading once the Form 10 goes
effective.
Metro anticipated
opening price is $0.01 (one penny). After ten (10) consecutive days
of trading at $0.01 or higher, Metro will file an application to
trade on the OTCQB.
EXAD will retain an
approximately 4.99% ownership in Metro following the spinoff.
Around ninety (90) days following the spinoff EXAD will begin to
use proceeds from the sale of its Metro shares to purchase shares
of EXAD in the open market. The action will reduce EXAD’s
then-Outstanding Shares, and reduce shares in EXAD’s trading
Float.
In parallel with Metro’s
spinoff EXAD will also be entered into the DTCC system. This action
allows EXAD shares to settle electronically therefore allowing more
people to participate in the market and providing EXAD additional
liquidity.
The owners of EXAD’s
Preferred A Series shares have voluntarily waived their right to
receive any Metro spinoff dividends. This action allows more Metro
shares to flow to EXAD Common shareholders on Record
Date.
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.