XA Signs Letter of Intent with Cadence Properties to Acquire 95% of XA'S Common Stock
June 06 2008 - 5:00PM
PR Newswire (US)
CHICAGO, June 6 /PRNewswire-FirstCall/ -- XA, Inc., (XA) (OTC BB:
XAIN), a major national event marketing firm that serves many
Fortune 500 companies, today announced that Cadence Properties,
LLC., a New York based real estate development firm, has signed a
letter of intent with the Company to acquire 95% of XA's common
stock. The transaction will facilitate the privatization of XA's
event marketing agency business operations and will provide Cadence
with a public company platform to facilitate its growth and
development. Cadence Properties is currently developing
entertainment, gaming and corporate event venues throughout the
country. XA provides no assurance that the transaction will be
consummated or what assets if any, will be contributed to the
public company by Cadence. In the event that the transaction
occurs, current XA shareholders will remain shareholders of the
public company and will not own any interest in the operations of
the resulting private company. CEO Joseph Wagner of XA said, "The
privatization of XA's business operations will allow the company to
reduce the G&A expenses associated with the public company
platform and will provide access to private equity resources that
can provide capital for expansion and strategic acquisitions. In
addition, we are looking forward to working with Cadence Properties
in the future to assist them with their venue development projects
in conjunction with our XA Scenes subsidiary." About XA XA is a
holding company for several wholly-owned subsidiaries, one of which
is The Experiential Agency, Inc., an Illinois corporation. The
Experiential Agency, Inc. has offices in Chicago, New York and Los
Angeles from which it provides corporations and highly visible
brands with comprehensive event marketing, design and production
services. Since 1989, the XA team has been the creative force
behind prestigious, national projects for such clients as The NBA,
Disney, McDonald's, British Telecom, Song Airlines, Eurex, Olympus,
Salvatore Ferragamo, Vogue, W Hotels, ABN AMRO and Emirates
Airline. In 2006, Special Events Magazine ranked XA as one of the
'Top 30 Powerhouse Event Companies in the World.' Forward Looking
Statements This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. In particular, when used in the preceding discussion, the
words "believes," "expects," "intends," "will," "anticipated," or
"may," and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Act and are
subject to the safe harbor created by the Act. Except for
historical information, all of the statements, expectations and
assumptions contained in the foregoing are forward-looking
statements that involve a number of risks and uncertainties. It is
possible that the assumptions made by management are not
necessarily the most likely and may not materialize. In addition,
other important factors that could cause actual results to differ
materially include the following: business conditions and the
amount of growth in the company's industry and general economy;
competitive factors; ability to attract and retain personnel; the
price of the Company's stock; and the risk factors set forth from
time to time in the Company's SEC reports, including but not
limited to its annual report on Form 10-KSB; its quarterly reports
on Forms 10-QSB; and any reports on Form 8-K. XA, Inc. (OTC BB:
XAIN) takes no obligation to update or correct forward-looking
statements and also takes no obligation to update or correct
information prepared by third parties that is not paid for by the
Company. For more information, please contact: Amanda Puck XA
312-239-2370 DATASOURCE: XA, Inc. CONTACT: Amanda Puck of XA,
+1-312-239-2370,
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