Closing Date Set for May 15, 2015
ANAHEIM, CA / ACCESSWIRE / April 22, 2015 / M Line Holdings, Inc. (PINKSHEETS:MLHC "M Line" or the "Company"), is pleased to announce that it has completed another step in our 12 step re-organization plan that was announced in March.
This first acquisition involves the purchase of 100% of BlueStar Machinery, Inc. ("BlueStar") which will have the effect of an increase in excess of $8 million in annual revenues and approximately $750,000 EBITDA. It will further cause some $800,000 in additional savings at our Elite division by certain employee reductions and intended consolidation of facilities.
The purchase price for BlueStar is 3,300,000 shares at a value of 10 cents per share plus we will be refinancing its operating assets and providing new financing for the purchase of additional inventory of CNC machinery.
Bruce Barren, CEO of M Line, commented, "We are pleased to announce that Sean Johnson will become the President of our Elite division as well as continuing as President of BlueStar. This is just another step in the implementation of our 12 step program to enhance shareholder value."
Adding to the above, Tony Anish, COO of M Line, further stated, "We have made considerable progress in the audit of our June 10-K and are also working on completing all three outstanding 10-Q's so that the Company can, as soon as possible, become current in its filings and fully reporting again."
Bruce and Tony further commented that, "The recovery plan to date has been extremely difficult and has taken longer than expected, but we now feel that the hard work over the last year or so has begun to pay-off and the improvements are now back on target. We should be able to show the impact of the hard work by all our team and attain increased shareholder value in the near future."
About M Line Holdings, Inc.:
M Line Holdings, Inc. (OTC Pink: MLHC "M Line" or the "Company"), is a leading provider of Products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Machine Tool Equipment with key customers that include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter, BE Aerospace and a strategic alliance with Structural Integrity Engineering.
For more information on M Line see our web site at www.mlineholdings.com.
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This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
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For More Information:
Contact:
Tony Anish
[email protected]
SOURCE: M Line Holdings, Inc.