Bahamas Development Corp. (BDCI)
Releases update.
Revenue for the Quarter ending 6/30/17 was $324,852.
Accounts Receivable for the Quarter ending 6/30/17 was
$125,526.
The CEO has received a loan proposal of $325,000 to complete the
second acquisition.
WEST PALM BEACH, FL -- July 25, 2017 -- InvestorsHub NewsWire --
Bahamas Development Corporation (OTC
PINK: BDCI) which has entered into a transaction to merge its
operating subsidiary into Experience Art and Design, Inc. (EXAD),
reduced the number of its Outstanding shares of Common stock by
87.5 million during the second quarter of 2017. The Shares in the
float remained the same with 10.3 million shares in Street
Name.
Native Outfitters ended the second quarter with total sales of
$324,852 and $125,526 in account receivables. During the Quarter
the Company was able to apply $180,000 in cash towards the its
second acquisition, and maintain availability to its full credit
line of $100,000.
BDCIs CEO has been working with Wells Fargo, the Companys
banker, to finance the remaining balance of the second planned
acquisition and obtain a small credit line for operations. Last
week the Company received a proposal, and has been working with the
bank, submitting the required documentation to close the
acquisition.
In September at The Surf Expo, Native Outfitters will launch a
new line of Native Wear a Poly-Performance Polo shirt, that is
expected to be a big hit, and significantly add to the overall
revenue, and increase the customer base dramatically for 2018. In
addition, the Company is also adding new colors to its Mens
Performance-Poly long sleeve pull over and the quarter zip
pullover, which have both been anchor products. During the first 6
months of the year, Native saw a surge in sales of its Lifestyle
Resort Shorts featuring a premium microfiber that is fast drying
with ultimate comfort and fit, and will be looking at adding
addition designs, to meet the growing demand.
The Company was informed by its counsel in the Bahamas, that the
corporation which will be used for its operations on the island of
Freeport has been approved by the government and duly incorporated.
This is a significant step in setting up operations on the island.
This week the business license application will be submitted to the
Grand Bahama Port Authority (GBPA). The Company was already told by a
representative of the GBPA, that they see no reason not to believe
that a license would be granted for its t-shirt manufacturing
facility.
The Bahamian Government is searching for ways to reduce its
unemployment rate, all the while trying to keep more money on the
Island; reducing imports and have Island-made products saleable to
the 500,000 plus tourists that visit each month. To this end, the
Bahamian apparel business has a built-in customer base on the
Island of Freeport; if the Island operation just services the local
market, it will add well over a $1 million a month in revenue to
the bottom line.
For additional information about this release please
contact:
Investor Relations:
561-247-9202
info@bahamasdevelopmentcorp.com
https://www.nativeoutfitters.com/
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