Precision Engineering, Manufacturing, and Assembly for Aerospace & Beyond
Tustin, CA USA (PRWEB) September 12, 2011
After a long restructuring, management changes and negative market conditions over the last 3 years, M Line Holdings, Inc. (MLHC.OB) (“M Line”) has overcome many obstacles to make it into the green and put the black back on the bottom line. M Line was originally incorporated in Nevada on September 24, 1997 and on December 11, 2001, acquired 100% of the issued and outstanding capital stock of of Elite Machine Tool Company (“Elite”). Elite acquires, refurbishes and sells used CNC machine-tool equipment as well as services and rebuilds CNC equipment for customers.
It wasn’t until 2003 when the purchase of Eran Engineering, Inc. (“Eran”) was completed, that M Line started its trek towards its goals. Eran manufactures precision component metal parts primarily for the commercial aerospace and medical industries. Eran was and is an excellent acquisition and is still a subsidiary of M Line.
The difficulty for M Line was that previous management lacked the knowledge and corporate skills to manage a public company. During that period through June 2006, M Line was continually late filing its statements and was de-listed by the SEC late that year.
In late 2008 a private company Money Line Capital, Inc. (“Money Line”) owned principally by four parties, purchased the controlling interest in M Line, buying shares in a private transaction. After taking control the new management filed the necessary paperwork and M Line was re-listed in November 2009. However in the interim, the economic environment saw M Line struggle to obtain sales and improve business. Immediately management reduced expenses at the corporate office and subsidiaries, cutting waste and writing down goodwill and other non cash assets resulting in a $2.3 million loss. In 2010 business improved slightly and management again wrote off or wrote down other assets continuing the trimming and restructuring resulting in a $1.7 million loss. However management continued to look to move in a forward direction.
Part of Money Line’s original plan when taking control of M Line was to acquire new divisions. The primary objective was to bring in a technology division. Money Line had acquired a number of other companies including three in the technology sector, and including one in aerospace technology. The difficult economy has delayed the merger of the companies, however Money Line’s equity in Mediatronics was acquired by M Line in July 2011. The intention is to merge the other Money Line companies by the end of 2011. Once completed, M Line will have an aerospace division, technology division and real estate division with the financing division still in the planning and financing stage.
“This year has seen a major improvement in the business of the current subsidiaries. The forecasted revenues of $10 million for the year ended June 30, 2011 have been substantially achieved a 50% improvement from 2010. The profits for the year will be less than forecasted but M Line expects a small profit which is a major improvement over the $1.7 million loss for the year ended June 30, 2010. We are expecting much larger revenues for 2012 with a greater net profit.” States George Colin, CEO M Line Holdings, Inc.
For more information or an interview with Tony Anish, M Line Holdings, Inc. (MLHC.OB)
please email or call for scheduling:
(714) 630-6253 Phone
(714) 619-2339 Fax
M Line Holdings, Inc. (MLHC.OB) Precision Engineering, Manufacturing, and Assembly for Aerospace & Beyond
Copyright © 2011 All rights reserved.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2010 and beyond could differ materially from the Company’s current expectations.
Forward-looking statements are identified by words such as “anticipates,” “projects,” “expects,” “plans,” “intends,” “believes,” “estimates,” “targets,” and other similar expressions that indicate trends and future events.
Factors that could cause the Company’s results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company’s products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company’s control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace including the ability to attract and retain customers, results of the MyC3 initiative and other cost-containment strategies, and the Company’s success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company’s filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
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