Experience Art and Design, Inc.
Executes Management Services Agreement with Bahamas Development
Corporation
LAS VEGAS, NV July 12, 2017 - InvestorsHub NewsWire -
/ Experience Art & Design, Inc. (OTC:
EXAD) and Bahamas Development Corp. (OTC:
BDCI) executed a Management Services Agreement giving EXAD
management control of the operating subsidiary of BDCI.
The transaction allows EXAD to begin booking revenue and income
as of July 1, 2017.
Manager's Responsibilities and Authority. In connection with the
duties assumed or assigned hereunder, Manager shall supervise the
operations at BDCFs offices. Manager 's authority, obligations and
responsibilities include, but are not limited to, the
following:
(a)Manager may negotiate, execute and deliver on behalf of BDCF
such agreements, certificates, deeds, deeds of trust, notes,
leases, security agreements, contracts of sale, and other documents
as it deems necessary and appropriate in its sole discretion to
give effect to any conveyances, leases, debt obligations and
security therefore, and to procure labor, materials, or services
including, without limitation, the services of professionals.
(b)Manager shall be authorized and directed to use any and all
current bank accounts on behalf of BDCF for the payment of BDCF's
operating expenses and, in connection therewith, to designate
persons authorized to sign such checks, which persons may or may
not be employees of Manager. Furthermore, Manager may borrow funds
on behalf of BDCF from banks, lending institutions and other third
parties on such terms and conditions as Manager may deem
appropriate and, in connection therewith, Manager may grant
security interests in BDCF's assets to secure repayment of such
borrowed funds. Manager may also invest BDCF's funds as it deems
proper and appropriate.
(c)Manager may acquire assets on behalf of BDCF as is necessary
and appropriate in managing the business and affairs of BDCF.
(d)Manager shall prepare such budgets and periodic reports for
BDCF as it deems necessary and appropriate, and Manager shall
provide such budgets and reports to the members of BDCF. If BDCF is
required to have an annual audit, Manager shall coordinate such
audit at BDCFs expense.
(e)Manager shall coordinate, at BDCFs expense, the timely filing
of all tax returns required under applicable state and federal
laws.
(f)Manager shall hold meetings of directors and members in
person or via conference call as necessary or required, or may
request that action be taken by written consent; provided, however,
that Manager shall act in accordance with the Operating Agreement
and applicable laws and regulations in doing so.
(g)Manager may perform all other acts as may be necessary or
appropriate to conduct BDCFs business, subject to all conditions
and limitations set forth in this Agreement.
Term and Termination. The initial term of this Agreement is Four
months (4) or the completion of Share Exchange whichever happens
first.
Notwithstanding the foregoing, this Agreement may be terminated
by the either BDCF or (the) Manager at any time for Cause by giving
the other party thirty (30) days prior written notice of its intent
to terminate the Agreement. As used herein, "Cause" means a party's
breach of a material term or failure to perform a material
obligation hereunder that is not cured within (i) thirty (30) days
of such party's receipt of written notice of default from the other
party, or (ii) if such default cannot be cured within thirty (30)
days, then such longer period as is reasonable provided that the
party in default is attempting to cure the default in good faith
and with due diligence.
As of March 1, 2016, Mr. Caiazzo has accepted the responsibility
of President for Native Outfitters, a Performance Apparel Company.
In his first 4 months of leadership, the Company has doubled its
output capacity, and looks to triple it by the end 2017. While Mr.
Caiazzo was a neophyte to the garment industry, his business acumen
has proved invaluable to Native, production and sales increases
combined with reductions of overheads, have allowed the Company to
set all-time records for sales and profitability
About Native Outfitters: www.nativeoutfitters.com
Native. - Native Outfitters already has established distribution
channels in the U.S. and Caribbean, as well as excellent supply
chain relationships. Target sectors for Native performance apparel
include the U.S. Government, Outdoor Retailers, Specialty
Retailers, and many of the Worlds Leading Resorts. Clients include,
but are not limited to, NASA, Ron Jon, Ritz-Carlton, Marriott, The
Breakers, and many other leading international hotel chains and
resorts as well as a long list of Exclusive Clients.
For additional information about this release please
contact:
Investor Relations:
702-347-8521
Exad.director@gmail.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 services and equipment
markets, release of corporate apps, 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 consider that any investment in
securities is at risk.
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.