Experience Art and Design Inc (OTCMKTS:EXAD) shares were down 6.45% to $0.00290 after the company executed its asset purchase agreement to acquire a green dry cleaning processing plant. The company has a market cap of $489,838.00 at 80.41 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.05.
Experience Art and Design Inc is a development-stage company that is focused on two primary business models: the re-work of existing oil wells and dry cleaners, through two subsidiary companies: TransAmerican Oil and Metropolitan Dry Cleaners. TransAmerican Oil is an oil and gas company, pursuing either producing turnkey oil wells, or developing fresh oil wells on producing leases within the Continental United States while Metropolitan Dry Cleaners provide dry cleaning, laundry, and garment alteration services, along with regular home pick-up and delivery services.
Earlier this week, Experience Art and Design Inc shared that it executed an Asset Purchase Agreement to acquire a green dry cleaning processing plant on the East Coast of the United States to be rebranded under Metropolitan Dry Cleaners. This agreement was executed on August 3.
This particular processing plant currently averages 7,000 pieces per month with an average ticket price of $5.00 per piece. It has also seen consistent gains in monthly revenues since August 2014, making it a good candidate for acquisition. The plant’s current operations already include both drop-off and pick-up services of for laundry and dry cleaning. These services also cater to a higher-income demographic.
Metropolitan is already in the process of finding a warehouse to service corporate-owned and existing drop-off locations, allowing the company to increase the total number of items processed while minimizing expenses. This strategy could allow Metropolitan to tap into a higher growth potential without making large capital outlays. In addition, the existing brand can be marketed extensively through billboards, online and direct marketing, and referral programs.
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