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Expo Holdings Inc. Issues Corporate Update
(OTC:EXPH) Expo Holdings, Inc.
Thursday January 29, 9:15 am ET
NORTH WILKESBORO, NC-Jan 29, 2009 - Expo Holdings, Inc. and its wholly owned subsidiary, D&D Displays, Inc., announced a corporate update recently.
While the Company has not posted or released its financials, some of the key current financial numbers are as follows:
- The company has receivables exceeding $250,000. - The company has inventory exceeding $250,000. - The company has equipment with a value exceeding $500,000. - The company has cash on hand exceeding $25,000. - 2008 sales declined to an approximated $2.4M for the year. The decline is mostly due to lighter than expected demand, and project delays in the 4th quarter. The company was not profitable in 2008.
Once the financials receive final review, they will be posted in their entirety on Pink Sheets .
In going forward, the Company has retained Brass Bulls Corp to assist with investor relations and increasing the company's transparency. BBC received a combination of cash and restricted stock for a 3-month engagement. The Company has also entered into new contracts, including providing millwork products for Pratt Corporation and fixtures for Lowe's Companies. Additionally, Expo will continue to have access to its $1M line of credit with Crestmark Bank.
Sales year to date have exceed $145,000 compared with $155,000 in 2008. This represents an approximate 6% decline YTD over 2008. The company has revised its 2009 outlook and is projecting $6-8 million in revenues, and a return to profitability. The Company has completed several equity financings in 2008 and 2009. The company anticipates an additional equity raise via private placements of $80,000 in 2009.
The Company currently has 487,923,442 shares outstanding, with 435,250,870 in the public float. EXPO further announces that it has suspended its stock buyback program and will publish its completed financials, but will not seek an up listing in this economic environment. The Company has no intentions of reverse splitting its common stock.
James D. Brown, CEO, stated, "These are troubled economic times, and we have had to make many difficult decisions. Management will continue to respond and pro-actively address issues as they arise. Our industry (store fixtures, and environment) is typically shielded from many of the ups and downs of the general economy. In fact, we typically prosper during declines as retailers scramble to maintain their market share. However, the retailers themselves are now scrambling to survive and have cut back, delayed, and canceled many new projects."
James also stated, "On the bright side, our company is positioned to survive this downturn and grow long term as a result. Many of our competitors have ceased operations, and many more are now prime candidates for acquisition. When the economy begins to improve, Expo will grab increased market share in this new environment. We expect a significant surge in our industry mid to late 2009."
About Expo Holdings, Inc.
http://www.expoholding.com
Expo Holdings operates in North Wilkesboro, NC. D&D Displays is a wholly owned subsidiary of Expo Holdings, which specializes in custom cabinetry and high end store fixtures for retail vendors such as Newell-Rubbermaid, Inc., Bosch Tool Corporation, Kronotex, USA, and Lowe's Companies. D&D Displays has been in operation since 2000 and joined Expo Holdings in 2006.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Contact:
Contact: Brass Bulls Corp. Marc Lovito 866-342-2700 Source: Expo Holdings, Inc.
Profile for Expo Holdings, Inc.
Expo Holdings, Inc., through its subsidiary, D & D Displays, Inc., engages in the design, fabrication, manufacture, and distribution of wood based displays and cabinetry to the retail and customer service industries in the United States. The company supplies its displays to construction material resellers and retail businesses. Expo Holdings is based in North Wilkesboro, North Carolina.
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