- The two
operations will have combined revenues of over $2.4 million
annually
- The Net
revenues after economies of scale will be over $500,000
annually.
West Palm Beach, FL -- November 13, 2017 -- InvestorsHub
NewsWire -- Bahamas Development Corporation (OTC:
BDCI) successfullyclosed on its second Asset Purchase Agreement
(APA) of 2017. The Company hasacquiredtwo US based wholesale
PerformanceWear apparel companies each servicing different markets
with minimal overlap.
Incite Performance Wear ("IPW") is now a wholly owned subsidiary
of BDCI. IPW is a full package apparel manufacturing company that
specializes and prides themselves in "MADE IN THE USA" products.
These products are 100% moisture wicking mesh polyester performance
wear combiningUPF 40 Sun Protection embellished utilizing cutting
edgeDye Sublimation technology. The Company's Full Package Apparel
Manufacturing Services also includes, but are not limited to,
Creative Services, Dye Sublimation Printing, Cut and Sew
Operations, Custom Packaging/Labeling and Fulfillment. The
company manufactures private branded and co-branded apparel for
many fishing, marine, diving, agricultural, hospitality business,
team sports, special events and military customers reaching over
500 clients throughout the US and Caribbean.
Unlike Under Armor, Reebok, and Nike; Bahamas Development
Corporation (OTCQB: BDCI) has incorporated proprietary Anti-Snag
and MicroVent Technology into their unique Performance Wear fabric,
which not only prevents the garment from developing ugly snags and
pulls that renders other garments useless, it provides for enhanced
breathability. These features are a giant step above the
majors in this space.
BDCI has been able to acquire these two separate Performance Wear
apparel companies with combined revenues that should exceed $2.4
million for 2018, with zero toxic funding. The Company acquisitions
were closed through the use of traditional bank financing from
Wells Fargo and cash to finance the purchases. Wells Fargo extended
an additional $100,000 credit line on top of the purchase price for
the Native transaction and included an additional $90,000 in
working capital to effect the IPW acquisition. With the
finalization of these two acquisitions BDCI hopes to continually
increase revenue and institute further expansion into the
Athleisure wear market across the US and the Caribbean region.
About the Performance Apparel/Athleisure market:
The rise in Athleisure has given apparel sales a significant
boost in the last couple of years. In 2014, US consumers spent $323
billion on apparel, footwear and accessories, according to The NPD
Group. This was a $2 billion increase from the prior year, and
largely thanks to dramatic growth in sales of activewear. Morgan
Stanley predicts that, by 2020, activewear will represent $83
billion in sales, "stealing market share from non-athletic
apparel." According to Stylus, "The athleisure phenomenon looks set
to continue into 2016 and beyond, and is now on course to become
one of the fastest-growing global apparel product categories in the
second half of this decade."
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.
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 on otcmarkets.com.
For additional information about this release please
contact:
Investor Relations: 561-247-9202
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