CHICAGO, June 6 /PRNewswire-FirstCall/ -- XA, Inc., (XA) (OTC BB: XAIN), a major national event marketing firm that serves many Fortune 500 companies, today announced that Cadence Properties, LLC., a New York based real estate development firm, has signed a letter of intent with the Company to acquire 95% of XA's common stock. The transaction will facilitate the privatization of XA's event marketing agency business operations and will provide Cadence with a public company platform to facilitate its growth and development. Cadence Properties is currently developing entertainment, gaming and corporate event venues throughout the country. XA provides no assurance that the transaction will be consummated or what assets if any, will be contributed to the public company by Cadence. In the event that the transaction occurs, current XA shareholders will remain shareholders of the public company and will not own any interest in the operations of the resulting private company.
CEO Joseph Wagner of XA said, "The privatization of XA's business operations will allow the company to reduce the G&A expenses associated with the public company platform and will provide access to private equity resources that can provide capital for expansion and strategic acquisitions. In addition, we are looking forward to working with Cadence Properties in the future to assist them with their venue development projects in conjunction with our XA Scenes subsidiary."
About XA
XA is a holding company for several wholly-owned subsidiaries, one of which is The Experiential Agency, Inc., an Illinois corporation. The Experiential Agency, Inc. has offices in Chicago, New York and Los Angeles from which it provides corporations and highly visible brands with comprehensive event marketing, design and production services. Since 1989, the XA team has been the creative force behind prestigious, national projects for such clients as The NBA, Disney, McDonald's, British Telecom, Song Airlines, Eurex, Olympus, Salvatore Ferragamo, Vogue, W Hotels, ABN AMRO and Emirates Airline. In 2006, Special Events Magazine ranked XA as one of the 'Top 30 Powerhouse Event Companies in the World.'
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. XA, Inc. (OTC BB: XAIN) takes no obligation to update or correct forward-looking statements and also takes no obligation to update or correct information prepared by third parties that is not paid for by the Company.
For more information, please contact:
Amanda Puck
XA
312-239-2370
