Bahamas Development Corp. (BDCI)
Provides Status Updates Following Native Outfitters Apparel
Acquisition
- Native
Outfitters seeks to expand product offering and production
- Targets
include expansion on $1 million 2016 revenues and improved net
profit margins
- BDCI
begins booking revenues under its business plan
WEST PALM BEACH, FL -- March 6, 2017 -- InvestorsHub
NewsWire -- Bahamas Development Corporation (OTC
PINK: BDCI) is pleased to provide status updates following the
closing of its acquisition of Native Outfitters (Native).
Native Management held several very positive meetings that will
result in expanded revenue in 2017 and beyond. Management met with
the two leading receivables finance companies to begin factoring
its receivables. This injection of funds into the company will fuel
expansion.
Revenue growth opportunities include increased apparel offerings, a
wider range of colors on existing apparel offerings, and new
graphics. The goal is to increase weekly production from 1,200 to
2,000 shirts. Meetings have been planned with Natives suppliers to
facilitate these opportunities, and new hardware and software has
already been ordered to accommodate future order expansion.
Management has also begun instituting cost savings it targeted
pre-acquisition to improve the Companys bottom line. Net income
enhancement opportunities include changes to bulk material
purchasing to reduce unit production costs.
Native currently sells its wholesale customers custom shirts,
shorts, hats, jackets in men's, women's and kids sizes, as well as
stickers, and other Native branded goods.
Native Outfitters began operations five years ago and generated
revenues of approximately $1 million in 2016. Net income in 2016
was approximately of 20% of gross revenue. Native clients include,
but are not limited to, NASA, Ron Jon, The Breakers, Ritz-Carlton,
Marriott, and many other leading international hotel chains and
resorts, as well as a long list of exclusive clients.
Natives current facility in West Palm Beach, FL, has an in-house
art department, and the ability to process, print, and ship over
1,200 shirts per week. Native uses proprietary Anti-Snag SPF50+ Sun
Protection fabrics. Its Anti-Snag sun shirts are most popular for
outdoor enthusiasts who enjoy boating, fishing, and other outdoor
sports. Native also offers other complementary lines including camp
shirts, swim shirts, and a line of shorts.
Native Outfitters are suppliers of the official shirts for the
Miami, Fort Lauderdale, and Palm Beach International Boat Shows.
The Palm Beach Boat Show, which runs from March 23-26, 2017 is an
annual event on Natives calendar. The show features boats, yachts,
and accessories from the worlds leading marine manufacturers.
A loan and credit line was obtained from Wells Fargo to fund the
acquisition of Native Outfitters. The acquisition, including
initial working capital, has been personally guaranteed by BDCI's
President and will not result in any dilution or toxic debt to the
Company.
Wells Fargo has already expressed interest in funding future
acquisitions BDCI is working on. BDCI has also held several
discussions with another major retail banking lender with a view to
a significantly expanded working relationship.
+++
About Native Outfitters:
Native Outfitters is a fast-growing wholesale turnkey
performance lifestyle apparel company that uses proprietary blend
Anti-Snag SPF50+ Sun Protection fabrics to provide a range of safe,
comfortable high performance apparel. The Company is focused on the
"HOT" Athleisure category and has established distribution channels
in the U.S. and Caribbean. Target sectors for Native performance
apparel include the U.S. Government, outdoor retailers, specialty
retailers, and leading resorts and hotels.
https://www.nativeoutfitters.com/
+++
Bahamas Development Corporation, 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:
769-218-1796
https://twitter.com/bahamasdevcorp
https://www.facebook.com/Bahamas-Development-Corporation-469640663243771/
info@bahamasdevelopmentcorp.com
http://www.bahamasdevelopmentcorp.com/
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