TUSTIN, Calif., Feb. 25, 2014 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC) ("M Line" or the "Company"), a leading provider of products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as a seller of high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment, today announced that the Company completed the construction of a new addition to its Elite Machine Tool division's current space needed to meet its increased demand. The addition increased its current space by over 7,000 square feet to over 21,000 square feet.
Bruce Barren, CEO of M Line Holdings, Inc. stated "75 Machines were sold by Elite during the first six months of Fiscal 2014, almost double the 38 sold in the comparable FY 2013 period. This expansion of Elite's facility added over 50% more square feet to the existing space and will enable our excellent team at Elite to work more efficiently and will support the continued growth. This is yet another step in our progression to meet the demands of a growing business which will ultimately result in increased revenue and greater shareholder value."
Barren continued, "The current market cap of M Line at $1.3 million is still valued less than 1X current projected earnings of $1.5 Million for Fiscal 2014. The current industry standard market cap valued at 15-20X projected earnings could mean an upside potential increase to $20-25 million in shareholder value versus the current market cap of $1.3 million."
Tony Anish, COO of M Line Holdings, Inc., stated, "This expansion of the facilities was desperately needed. That fact that we were able to take more space in our current building was a bonus. We are keeping the pressure on both our subsidiaries to continue growth at the current record pace."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC). M Line provides products and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment. Key customers of our group include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter and BE Aerospace as well as our exciting new relationship with SIE (Structural Integrity Engineering, Inc.). The Company is headquartered in Tustin, California. For more information see our website at http://www.mlineholdings.com/
Forward Looking Statements
This news release contains certain "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe," enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
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Source: M Line Holdings, Inc.