Las Vegas Railway Express, Inc. (OTCQB: XTRN) Files Quarterly Financial Disclosure Statement
November 15 2012 - 1:29PM
Marketwired
Las Vegas Railway Express, Inc. (OTCQB: XTRN) today filed its
quarterly financial disclosure statement on form 10Q with the SEC.
The Company continues on its plan of development of a luxury
passenger train, the "X Train," which plans to take passengers from
Los Angeles to Las Vegas and back in Vegas style comfort. The
Company plans to begin operations in late 2013.
The Company improved its financial balance sheet during the
third quarter with the elimination of $2.2 million of liabilities.
These included conversion of short term debt to equity of $775,000,
the elimination of a stock subscription payable to equity of
$640,000, and disposal of liabilities from discontinued operations
of $749,000. The Company also successfully subscribed a private
placement offering of $2,282,000. The resulting balance sheet
reflects a positive stockholders equity of $1,736,995 as of
September 30, 2012 against a stockholders negative equity of
($1,623,055) as of March 31, 2012. This is a positive increase in
stockholders equity of $3,360,050.
About the Las Vegas Railway Express,
Inc.
Las Vegas Railway Express, Inc. has been planning for the
establishment of a "Vegas Class" passenger train service between
Los Angeles and Las Vegas since early 2009. Service departures are
planned to be Thursday and Friday to Las Vegas with returns on
Sunday back to Los Angeles. An introductory price of $99 each way
includes Vegas Class accommodations and all-inclusive food &
beverage. In addition, the X Train will also offer the ability for
its passengers to book hotel rooms, transportation transfers,
entertainment & show tickets and other travel incidentals. For
more information, please visit the Company website at
http://www.vegasxtrain.com.
Statements in this press release other than statements of
historical fact, including statements regarding the company's
plans, beliefs, and estimates as to projected market size are
"forward-looking statements." Such statements are subject to
certain risks and uncertainties, including factors listed from time
to time in the company's SEC filings, and actual results could
differ materially from expected results. These forward-looking
statements represent the company's judgment as of the date of this
release. The company disclaims, however, any intent of obligation
to update these forward-looking statements.
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Contacts: Media and other inquiries Success City Online Ms.
Maria Bailey Maria@successcityonline.com (702) 271-0591 Broker
& Investor Inquiries Worldwide Financial Marketing, Inc. USA
Communications & Investor Relations www.wwfinancial.com O (954)
360-9998 F (954) 360-9881
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