$EXAD Merger Closing date set for Sept 15th. Name
Post# of 102244
Posted On: 09/12/2016 2:27:12 PM
$EXAD Merger Closing date set for Sept 15th. Name and symbol change to coincide. Huge run to insue. MM's are going to be caught short. Playing with fire. Big naked short Position imo
ITEM 1.01 Entry into a Material Definitive Agreement
On August 3, 2016 we entered into an Asset Purchase Agreement to acquire certain assets used to operate a Green Dry Cleaning plant rebranded under Metropolitan Dry Cleaners. A copy of the Agreement is furnished as Exhibit 10.01 attached to this report. The Seller has requested the name of company not be released until after the audit is completed and the final Closing takes place.
The purchase price for the assets we are acquiring, which was agreed to be $400,000, which will be paid in Cash prior to Closing. The Closing date is set for September 15, 2016 to allow enough time for the financials to be audited. We have already begun collecting the information needed to perform an audit. The assets consist of all the equipment that has been used to operate the plant for the last 4 years, processing in excess of 7,000 pieces of laundry per month.
Initially we intend to further expand the sales of this location to it maximum capacity, while simultaneously setting up a much larger plant in a nearby warehouse 4 times the size of this current footprint. The warehouse will allow the Company to process an additional 48,000 plus pieces per month on top of the 12,000 at the current location. The plant will be feed from existing drop-off centers we plant to approach and enter into longer term agreement with and our own centers branded under Metropolitan Dry Cleaners
ITEM 1.01 Entry into a Material Definitive Agreement
On August 3, 2016 we entered into an Asset Purchase Agreement to acquire certain assets used to operate a Green Dry Cleaning plant rebranded under Metropolitan Dry Cleaners. A copy of the Agreement is furnished as Exhibit 10.01 attached to this report. The Seller has requested the name of company not be released until after the audit is completed and the final Closing takes place.
The purchase price for the assets we are acquiring, which was agreed to be $400,000, which will be paid in Cash prior to Closing. The Closing date is set for September 15, 2016 to allow enough time for the financials to be audited. We have already begun collecting the information needed to perform an audit. The assets consist of all the equipment that has been used to operate the plant for the last 4 years, processing in excess of 7,000 pieces of laundry per month.
Initially we intend to further expand the sales of this location to it maximum capacity, while simultaneously setting up a much larger plant in a nearby warehouse 4 times the size of this current footprint. The warehouse will allow the Company to process an additional 48,000 plus pieces per month on top of the 12,000 at the current location. The plant will be feed from existing drop-off centers we plant to approach and enter into longer term agreement with and our own centers branded under Metropolitan Dry Cleaners
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