10-Jan-2008
Other Events
Robert Y. (Robbie) Lee, our Chief Executive Officer, recently purchased, in separate privately-negotiated transactions, from two early investors in the company, a total of 188,350 shares of our common stock, in consideration for a combination of cash and secured promissory notes. The per share purchase price of the common stock paid by Mr. Lee exceeded the per share average market price of the stock on the dates of purchase.
The purchases above will be reported to the U.S. Securities and Exchange Commission in accordance with applicable securities laws, rules and regulations. Except as may be required, we do not undertake any obligation to update or report any modification or other activity with respect to the beneficial ownership of our shares by Mr. Lee or our other officers and directors.
About U.S. Dry Cleaning Corporation
U.S. Dry Cleaning Corporation’s mission is to create the premier national chain in the dry cleaning industry. Over the last year and half, U.S. Dry Cleaning has completed acquisitions with combined annual revenues of over $9 million. U.S. Dry Cleaning combines a management team with extensive experience in retail consolidations and premier dry cleaning operations, with a proven operating model.
U.S. Dry Cleaning intends to rapidly acquire profitable, positive cash flow operations at accretive valuations. Each acquisition target is expected to be self-sufficient and senior management is expected to remain in place to ease the assimilation. U.S. Dry Cleaning is focused on acquiring profitable businesses that hold a leading share in their individual markets.
U.S. Dry Cleaning management believes that the current absence of extensive competition to acquire the larger dominant operators will change radically as the industry consolidates. Management believes that the greatest value achieved in any consolidation occurs during the earliest phases and intends to grow as rapidly as possible to deliver shareholder value.
In accordance with a December 5, 2006 agreement, Consulting For Strategic Growth 1, Ltd. ("CFSG1") provides U.S. Dry Cleaning Corporation with consulting, business advisory, investor relations, public relations and corporate development services. CFSG1 receives only restricted stock as compensation from U.S. Dry Cleaning. CFSG1 may also choose to purchase U.S. Dry Cleaning’s common stock and thereafter liquidate those securities at any time it deems appropriate to do so. For more information please visit www.cfsg1.com.
| Company Contact: | Investor Relations: | Media Relations: |
| Rick Johnston, Director of Shareholder Communications |
Stanley Wunderlich, CEO Consulting For Strategic Growth 1 |
Daniel Stepanek Consulting For Strategic Growth 1 |
Tel: 760-668-1274 |
Tel: 800-625-2236 Fax: 212-337-8089 Email: info@cfsg1.com Web site: www.cfsg1.com |
Tel: 212-896-1202 Fax: 212-697-0910 Email: dstepanek@cfsg1.com |