Experience Art and Design, Inc. Announces a Deal to Acquire the Revenue Generating Subsidiary of Bahamas Development Corp.
June 20 2017 - 11:05AM
InvestorsHub NewsWire
BDCI – Operating subsidiary has
annualized revenues of over $2.4 million
LAS VEGAS, NV - June 20, 2017 -
InvestorsHub NewsWire - Experience Art & Design, Inc. (OTC:
EXAD) and Bahamas Development Corp. (OTC: BDCI) have agreed to
merge the operating subsidiary of BDCI into
EXAD.
The transaction will be completed
via a Triangular Reverse Merger once the audit in completed on the
financials of the subsidiary. BDCI will offer its
shareholders the opportunity to voluntary exchange their shares of
BDCI for shares of EXAD.
The current officers and Board
members of BDCI, Eugene Caiazzo and Gary Brown will assume the same
positions in EXAD, all current officers and Board members of EXAD
shall resign.
BDCI has an operating subsidiary in
the Performance Wear Sector generating $2.4 million on an
annualized run rate. BDCI recently purchased the assets of
Native Outfitters with revenues of $1 million annually and is in
the process of completing its purchase of the assets of Incite
Brands with revenues of $1.4 annually.
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 World’s
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 an extensive list
of “Exclusive Clients”.
The Native team currently services
several hundred accounts; initiatives are underway to greatly
expand this list. The current facility in West Palm Beach, FL has
an in-house art department, and the ability to process, print, and
ship over 1,300 shirts per week.
Native has an exclusive agreement with its vendor for a proprietary
blend Anti-Snag SPF50+ Sun Protection fabric that automatically
renews every three years. Anti-Snag sun shirts are most
popular for outdoor enthusiasts who enjoy boating fishing, and
other outdoor sports. Native offers other complementary lines
including camp shirts, short sleeve shirts, and a line of
shorts.
BDCI’s subsidiary has obtained a
loan and credit line from a major retail banking lender 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.
About Incite Performance
Wear (www.IncitePerformanceWear.com)
BDCI has not completed the final
closing on the assets of Incite Brands and does not intend to until
the new quarter.
The IPW manufacturing assets will be
integrated into BDCI’s Apparel Brands and Manufacturing operations,
including its recently acquired Native Outfitters Performance
Apparel Company.
The IPW acquisition allows BDCI to
capitalize on significant synergies through the alignment of
production operations in Incite’s manufacturing facilities. The
optimization of manufacturing capacity provides strong
infrastructure to support the Company’s growth. The acquisition
enables BDCI to achieve enhanced purchasing leverage of raw
materials and consolidation of its labor force, which greatly
reduces manufacturing costs.
During and after the integration of
IPW, Incite Brands will continue to support BDCI with Sales and
Marketing support.
IPW is a full package cut and sew
with dye sublimation printing company, that manufactures custom
private-branded 100% moisture wicking polyester performance wear
shirts with UPF 40 Sun Protection. The Company’s manufacturing
process is very unique and unlike most apparel companies its shirts
are ‘Made in the USA’. What makes the company different from
others, is the way that it manufactures their performance shirts.
Incite sources fabric in from its supplier mills, cuts it to size
and dye sublimate prints the individual pieces of the shirt before
the shirt is sewn together. This enables the company to deliver
very high quality, seamless, ‘Made in the USA’ performance shirts
that are competitively priced. IPW manufactures both private label
and branded performance apparel for many industries that include:
Fishing, Marine, Agricultural, Hospitality, Team Sports, Outdoor
Activewear, Military and many Non-Profit Organizations and
Charities.
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