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
amanda@expagency.com
SOURCE XA, Inc.