WILSONVILLE, OR -- (Marketwired) -- 07/26/13 --
Experience Art and Design, Inc. (OTCQB: EXAD), a Nevada corporation ("EXAD" or the "Company"), is pleased to announce that it has signed a non-binding Memorandum of Understanding with Retrieve Technologies ("Retrieve"), a privately-held New Hampshire company, to exclusively license Retrieve's software platform and application for use by EXAD in software-based content management and content presentation platform and applications for the art and design industries.
Execution of a License and Co-Development Agreement (the "Agreement") is subject to completion of legal and accounting due diligence and approval by the Boards of Directors of each party. The anticipated consideration will include issuance by EXAD of unregistered shares of its common stock to Retrieve with a value of $1.4 Million as determined by the average closing price of EXAD shares for the five trading days prior to the execution of the Agreement. The Agreement will contain standard representations, warranties and covenants for a transaction of this type, and closing of the Agreement is subject to closing conditions to be provided in the Agreement. The targeted date for completion of due diligence and execution of the Agreement is September 30, 2013 with closing to occur as soon as possible thereafter. The parties have agreed that they will not negotiate with or enter into agreements with any third party that operates or plans to operate in businesses similar to those of EXAD or Retrieve. There can be no assurance that an Agreement will be executed by the parties and no assurance that, if an Agreement is executed, the transaction will be consummated.
About Experience Art and Design, Inc.(OTCQB: EXAD):
EXAD operates in the fine art industry through its wholly-owned subsidiary, Chiurazzi Internazionale S.r.l., an Italian corporation which owns the Chiurazzi Foundry in Casoria, Italy. Chiurazzi creates reproductions from its Chiurazzi Mould Collection comprised of more than 1,650 artistic bronze sculpture moulds taken from original marble masterpieces housed in museums throughout the world.
About Retrieve Technologies
Retrieve Technologies (www.retrieve.com) is a privately-held software company based in Henniker, New Hampshire which conducts business in the video content management and delivery technology industry.
This news release may include forward-looking statements including statements that reflect the Company's current expectations about its future results, performance, prospects and opportunities. The Company has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements and specifically those statements referring to any specific projects, such as the Memorandum of Understanding and proposed transaction, mentioned herein. These risks may be described from time to time in the Company's SEC filings, which are available online at www.sec.gov; and such factors as incorporated by reference. The Company does not undertake any obligation to update any forward-looking statements as a result of new information or developments, except as required by law.
Experience Art + Design
Source: Experience Art
and Design, Inc.