$EXAD: 8k OUT!! Metropolitan Dry Cleaners - Record
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Posted On: 02/09/2017 10:55:43 AM
$EXAD: 8k OUT!! Metropolitan Dry Cleaners - Record Date Update:
Experience Art and Design Inc "EXAD" is moving the record date for the spin-off of Metropolitan Dry Cleaners, Inc. "Metro" back Seventeen (17) days to allow Metro more time to complete its Form 10. The spin-off of Metro is of no value to the shareholders unless the Form 10 is able to be filed on the same day.
The Form 10 will register all the Metro shares being issued at the time of the spin-off.
EXAD has retained counsel and paid the fee to enter the DTC system. EXAD will notify shareholders when the company has been placed into DTC.
The marketable assets are planned to be rolled in at the time of the spinoff. The current value is approximately $7,000,000 based on yesterday's closing price. As with all marketable assets the value will fluctuate throughout the year. The actual value of the assets are likely to receive a haircut by the auditors and booked in less than its market value during the audit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EXPERIENCE ART AND DESIGN, INC.
DATE: February 8, 2017
/s/Matthew Dwyer
Matthew Dwyer
Chief Executive Officer
Experience Art and Design Inc "EXAD" is moving the record date for the spin-off of Metropolitan Dry Cleaners, Inc. "Metro" back Seventeen (17) days to allow Metro more time to complete its Form 10. The spin-off of Metro is of no value to the shareholders unless the Form 10 is able to be filed on the same day.
The Form 10 will register all the Metro shares being issued at the time of the spin-off.
EXAD has retained counsel and paid the fee to enter the DTC system. EXAD will notify shareholders when the company has been placed into DTC.
The marketable assets are planned to be rolled in at the time of the spinoff. The current value is approximately $7,000,000 based on yesterday's closing price. As with all marketable assets the value will fluctuate throughout the year. The actual value of the assets are likely to receive a haircut by the auditors and booked in less than its market value during the audit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EXPERIENCE ART AND DESIGN, INC.
DATE: February 8, 2017
/s/Matthew Dwyer
Matthew Dwyer
Chief Executive Officer
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