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SOURCE M Line Holdings, Inc.
Company Still Undervalued As Compared to Industry Standards
TUSTIN, Calif., Feb. 20, 2014 /PRNewswire/ -- M Line Holdings, Inc. (OTCQB: MLHC) ("M Line"), a provider of products and services to the precision high tech segment of both the aerospace and medical industries as well as seller of high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment, today issued an update to shareholders from CEO Bruce Barren and COO Tony Anish discussing its activities since July 2013 and covering the first seven months of Fiscal 2014.
"We are pleased to report that there have been many changes to your Company in the last six months. Our first step in July 2013 was to improve our senior management team. Bruce Barren joined us in August as CEO, while George Colin took over as our Chairman of the Board. Bruce has brought a wealth of experience to the team with impressive results coupled with his strong background in the aerospace industry and significant turnaround experience," stated Tony Anish, COO of M Line.
Mr. Anish continued, "In addition to Bruce, we made some changes to the support team at M Line, including changing auditors and legal counsel. We have also caused interest from new capital sources to supplement our cash flow in order to accelerate our sales growth, up 35% since the beginning of Fiscal 2014 through December, 2013."
Although the Company's base business has not changed, there has been a shift in the business of its manufacturing company that has targeted new areas of manufacturing and assemblies within the commercial aerospace business. The airline industry, over the last two to three years, has seen huge growth with major commercial airplane manufacturers increasing production to meet the growing and sustaining backlog of orders over the next 10 years. As a result, there is a great deal of work available for M Line on which to capitalize further.
To meet this demand, M Line further strengthened its manufacturing division's team at Precision Aerospace and Technologies, Inc. The benefits that have come from the management changes include: lower overheads, improved manufacturing techniques, and good quality parts and assemblies, as confirmed by its leading customer.
In order to achieve this and to meet the quality demands of its customers, M Line has re-written its quality manuals, instigating more staff training with improved internal controls. Although Precision's business suffered for a short period, the changes that were made are now enabling it to grow the business with four new customers and two reactivated customers this year already, along with a strong bid file to ensure its sustained growth. This will allow a reduction of the Company's reliance on any one customer.
The increased demand for work has been a significant boost for E. M. Tool Company, Inc. dba Elite Machine Tool, who have also had impressive revenue gains for the first six months. In order for manufacturers to build more parts and assemblies, they need additional equipment. Because of delays in the acquisition of new equipment and the lower investment cost, good pre-owned equipment is in high demand. Elite Machine Tool specializes in Mori Seiki CNC (computer numerically controlled) equipment which is highly sought after by customers. Elite has added staff and is increasing the size of its facility to meet the demand for refurbished equipment.
Bruce Barren, CEO of M Line, added, "As we continue to grow the business and meet increased demand that Tony mentioned above, we will keep shareholders apprised. On a quarterly basis, we plan to update the investors on the activities of M Line in an effort to better educate and inform all of you on our progress and in turn, improve shareholder value. We are still extremely undervalued as compared to industry standards, and are devoted to improving that for our investors. We would like to thank our employees for their unwavering loyalty, drive and determination to insure that we are creating the most value for our shareholders."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB: MLHC). M Line provides products 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") Equipment. Key customers of our group include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter and BE Aerospace as well as our exciting new relationship with SIE (Structural Integrity Engineering, Inc.). The Company is headquartered in Tustin, California. For more information see our website at http://www.mlineholdings.com/
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Forward Looking Statements
This news release contains certain "forward- looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe," enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
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