General Finance and Development, Inc. (GFD) announced today 1st quarter results for 2013.
The highlights are summarized below. However, we urge investors to read our 2012 Annual and Quarterly Reports posted at www.genfd.com and www.otcmarkets.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.
- The company realized a net loss of $39,905 for the period compared to a net loss of $48,123 for the same period in 2012.
- Revenue for the period was $336,196 for the period compared to revenue of $346,970 for the same period in 2012.
- Assets were $1,196,719 as compared to $1,264,301 at 2012 year end.
- Current liabilities were $72,973 compared to $99,289 at 2012 year end.
- Current assets exceeded current liabilities by a multiple of 10.8 to 1.
- There were no long term liabilities.
In order to execute the growth strategy for General Finance and Development, additional capital will be needed. An agreement with Aurora Capital Management, LLC to contribute up to 750,000 shares of GFD to the company’s investment fund, (GFD Investments, LLC) has been extended through April 2014. The shares are being transferred to GFD Investments as they are converted to working capital. The last sale share price is $2.00, however the trading volume has been light and it is unknown if or when the total number of shares will be sold.
Sales orders for GFD’s main operating subsidiary Corporate Art Force are up 17% as of week ending May 10, 2013. The number of pieces of artwork that has been distributed since inception in September of 2009 has now surpassed 20,000 and two high profile projects were recently completed including the Radisson Blu Hotel at the Mall of America in Bloomington Minnesota and the Bill and Hillary Clinton International Airport in Little Rock Arkansas.
The company also recently announced plans for the development of a Creative Business Center to be located in Minneapolis Minnesota. Corporate Art Force will be located there along with other creative business ventures. The timeline for completion is 12 – 24 months.
Corporate Art Force provides turnkey art procurement services to corporate clients nationwide. The company specializes in brand alignment, helping corporations large and small select the wall decor and artwork that perfectly aligns with the key messages to targeted audiences. CAF's art fulfillment capabilities provide the standardized logistical process needed to select, procure, frame, ship and install artwork worldwide. CAF uses its position as a national leader to deliver cost efficiencies on all of the above with the best pricing by leveraging our expertise of best practices, volume buying, and economies of scale in production.
General Finance and Development, Inc. provides capital and business development services to small and mid size companies. Capital is provided to qualified companies by equity and/or strategic loan agreements. Business development services include business planning, organization and management development. GFD also pursues merger/acquisitions and joint venture projects.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and that actual results could differ materially from the fore-going statements. Readers accordingly should not place undue reliance on these forward-looking statements which do not reflect anticipated or unanticipated events or circumstances occurring after the date of these forward-looking statements. More information regarding General Finance and Development including financial statements and reports is available at the company’s website www.genfd.com and www.otcmarkets.com.
