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News is out...
https://www.otcmarkets.com/stock/FIND/news/story?e&id=1378857
Findex Announces Transformational Shift in Business Plan and Focus, and the Related Introduction of a Major Rebranding Initiative Under It’s New RexPro Banner
LAKE PARK, FL, June 17, 2019 (GLOBE NEWSWIRE) -- Findex.com, Inc. (OTCPINK: FIND), announced today that, as initially unveiled in its annual report on SEC Form 10-K for the period ending December 31, 2018, it has made a strategic determination to capitalize on the fast-growing market receptivity and demand for its proprietary, high-value, high-performance interior and exterior flooring and other surface maintenance solutions by significantly narrowing its focus to the exploitation of a substantial North American market opportunity that it has identified for those solutions and already begun penetrating. Though not expected to adversely impact the company’s existing manufacturing business, the development marks a sharp, transformative shift for the company away from what had been a primary focus on products manufacturing and distribution across a broad range of largely unrelated niche market opportunities to what is now an approach driven by specialization on a select, high-margin, target-rich market for which its proprietary manufactured products have already proven especially effective and demonstrated growing demand, and one being pursued going forward through a vertically-integrated model that not only features those exclusive products but that also features their expert, on-site application in what amounts to a full-service, customer-client maintenance solution. Implementation of the revised business plan, which is expected to rely as much on inorganic growth through client account acquisitions as organic growth through the internal pursuit and establishment of new accounts, is already well-underway. Up until recently known by the name “EcoSmart,” as part of this major corporate makeover, the company is now marketing its products and services under its recently introduced RexPro Sealers and Coatings brand.
Until recently, Findex (through its EcoSmart identity) had principally been a manufacturer and marketer of a broad array of high-performance industrial and commercial coatings that had relied on third party applicators to perform the services associated with – and critical to – the highly coveted value-add provided by those coatings. Increasingly captive to the limitations of a top-line growth trajectory that was largely dependent on customer relationships from which it was one-step removed, however, and unable to realize for its own account anything more than a very small percentage of the gross revenue being generated through applications of its prized products, the company singled-out what it had identified through experience as its most lucrative and target-rich product market and has since aggressively set out to re-position itself not merely as a manufacturer of those products, but a vertically integrated, high-quality applicator of them as well. By doing so, RexPro Sealers and Coatings, as it is now known, is able to sustain and grow its already enviable gross margins on its line of coatings products while also, it is expected, being able to grow its top line at a much more rapidly accelerating rate.
Going forward, and armed with what some veteran maintenance professionals insist is the best-in-class line of products, RexPro Sealers and Coatings – according to one spokesman for the company – is aiming to become the industry leader throughout North America in servicing the flooring and tile maintenance needs of medium-to-large, regional and national operators of large square footage, heavily foot-trafficked commercial spaces across a broad array of sectors, including retail, hospitality, food-service, medical, institutional, and governmental. Taken as a whole, this represents a multi-billion dollar, largely recession-resistant segment, and one highlighted by substantially recurring revenue. Recognizable names already using the RexPro products, and representative of the company’s prime targets, include Marriott, Best Western, Walmart, Bed Bath & Beyond, Food Lion, Wegmans, the U.S. Veterans Administration (hospitals), Budweiser, Studio Movie Grill and Duke University, among many others.
Although the company fully intends to continue manufacturing its products for other vertical markets for the indefinite future, it is currently in the process of systematically offloading the national and global distribution opportunities associated with those products to select marketing and specialized application service partners. The rewarding relationship it has established with its HVAC coatings partner in the Caribbean basin and Mexico, for example, stands as a model it seeks to replicate across multiple niche product and applications markets.
Asked to comment on this major announcement, Steven Malone, Findex’s president and chief executive officer, offered the following: “The stage has been getting set for a long time now, and we’re all feeling the excitement. And never before has there been so much to be excited about. We’ve got the best products in a huge, growing market, a developing team of some of the most experienced industry experts, and a high margin opportunity. To say the least, I’m pretty bullish on our prospects.”
For more detailed information, please refer to the company’s annual report on SEC Form 10-K for the period ending December 31, 2018 filed with the SEC on April 16, 2019.
About Findex.com, Inc.
Findex.com, Inc. is a vertically integrated provider of high-value interior and exterior flooring and other surface maintenance solutions focused on serving regional and national operators of large square footage, heavily foot-trafficked commercial spaces. Recognized by industry veterans as best-in-class for its proprietary line of RexPro products and systems, and at a pre-scaling inflection point in its development with a long growth runway ahead, the company is focused on serving small-to-large retail, hospitality, food-service, medical, institutional, and governmental clients throughout North America.
For more information, please visit: www.RexProSealers.com.
Statements about Findex’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Findex intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings, and are subject to change at any time. Findex’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Contact
Steven Malone
(561) 328-6488 or email at info@rexprosealers.com.
Source: Findex.Com Inc
ALERTS100%to10000%GAIN
5 years ago
FIND~~NEWSSS NEWS FindEx Announces 81% Debt Elimination as Centerpiece of Major Recapitalization
LAKE PARK, FL, June 13, 2019 (GLOBE NEWSWIRE) -- Findex.com, Inc. (OTCPINK: FIND), a vertically integrated provider of high value, best-in-class interior and exterior flooring and other surface maintenance solutions focused on serving regional and national operators of large square footage, heavily foot-trafficked commercial spaces across a broad array of industries, announced today that, through a series of transactions entered into between June 6th and 12th, 2019, the company completed a major debt reduction and restructuring of its balance sheet and capital structure.
As of June 12, 2019, Findex.com, Inc. had total liabilities of $4,577,859 on its balance sheet, and had been facing increasing financial pressures for years, and challenges in raising much-needed working capital, because of it. Through a carefully structured and negotiated series of related transactions constituting a major recapitalization of the company as of June 12, 2019, however, that figure, not yet audited but confirmed by the company’s internal accounting representatives, has been reduced by 81% to $863,374. Further, all ongoing interest expense relating to the subject debt has also been eliminated and will no longer be a factor in calculating the net income of the company.
The now-former debt had been held by a number of private investors in the company as a result of past cash investments they had made, as well as certain employees, consultants and related party insiders of the company as a result of services performed, in most cases over the course of many years, but for which payment was never made due to the unavailability of cash.
The recapitalization was effected through a combination of what effectively constituted exchanges of existing debt for certain shares of newly designated series’ of convertible preferred stock and/or warrants to purchase shares of such stock. In total, and as a result of these transactions, 1,418,615 shares of preferred stock, which, in the aggregate, are convertible into 141,861,500 shares of company common stock, and warrants to purchase an additional 1,462,528 shares of preferred stock, convertible in the aggregate into 579,343,600 shares of company common stock, were issued. A portion of the warrants are exercisable for approximately the next two and a half years at a strike price equivalent to $0.005 per common share, while another portion are exercisable for approximately the next ten and a half years, also at a strike price equivalent to $0.005 per common share. Combined, the aggregate amount of cash potentially realizable by the company upon exercise of the warrants issued in this series of related restructuring transactions is $2,896,718.
Although exercise of the warrants covering 981,316 shares of preferred stock convertible into shares of common stock are not subject to the company achieving any benchmark performance criteria, the longer-term warrants, which cover 481,212 shares of preferred stock convertible into shares of common stock and which were issued to members of company senior management as well as a key outside professional and investor, are specifically tied to a vesting schedule that depends entirely upon the company’s achievement of the following stated gross profit levels:
Shares For which Certain Warrants Are Exercisable Into Common Stock Corresponding Level of Company Gross Profits Triggering Exercisability
25% $1 Million
25% $2 Million
25% $4 Million
25% $8 Million
At this time, the subject transactions are not expected by management to carry any adverse tax implications for the company.
Taken as a whole, these transactions represent a deliberate and carefully planned initiative by the company aimed at significantly increasing the strength of its balance sheet and relieving it of the resulting and mounting financial vulnerability and stress to which it had become increasingly exposed in recent years. Unburdened following this major balance sheet restructuring, the company is now much more firmly situated for reinvestment in future growth and development as it pursues its recently revised business plan. According to sources close to the company, it is currently exploring options to better equip itself with ample working capital to more fully shore-up its balance sheet and aggressively proceed with that plan.
Steven Malone, Findex’s president and chief executive officer had this to say: “We began this year revealing a dramatically revised business plan that we’re very enthusiastic about. A major step in enabling us to pursue that plan has been the recapitalization that – at long last – we just completed. It is a liberating moment for this company, to say the least, as we are now freed from the constraints of a massive debt-load that had increasingly been imposing a stranglehold on our ability to not only raise required capital, but to effectively allocate capital to critical investments in growth. It’s my belief that this accomplishment, coupled with our new business plan and certain strategic strides already being made in the execution of that plan, has us now at a pre-scaling inflection point that may not be evident to observers immediately but that will no doubt become evident in relatively short order.”
For more detailed information, please refer to the company’s current reports on SEC Form 8-K filed with the SEC on May 31, 2019, June 7, 2019, and June 12, 2019.
About Findex.com, Inc.
Findex.com, Inc. is a vertically integrated provider of high-value interior and exterior flooring and other surface maintenance solutions focused on serving regional and national operators of large square footage, heavily foot-trafficked commercial spaces. Recognized by industry veterans as best-in-class for its proprietary line of RexPro products and systems, and at a pre-scaling inflection point in its development with a long growth runway ahead, the company is focused on serving small-to-large retail, hospitality, food-service, medical, institutional, and governmental clients throughout North America.
For more information, please visit: www.rexprosealers.com.
Statements about Findex’s future expectations, including future revenue, earnings, and transactions, as well as all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Findex intends that such forward-looking statements be subject to the safe harbors created thereby. These statements involve risks and uncertainties that are identified from time to time in the Company's SEC reports and filings, and are subject to change at any time. Findex’s actual results and other corporate developments could differ materially from that which has been anticipated in such statements.
Source: Findex.Com Inc
© 2019 GlobeNewswire, Inc.
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