Expert Group d/b/a Pleasant Springs completes First Phase Acquisition of Family Vending, Inc.
TIGER, Ga., Nov. 28, 2012 /PRNewswire/ -- Expert Group, Inc. (OTC: EXPU) (http://www.pleasantsprings.com) announced today that it has completed the first phase of the purchase of Family Vending, Inc. The Corporation is also in discussions to enter into a long-term employment agreement with Mr. Michael Robinson making him the Chief Operating Officer of Pleasant Springs, a wholly owned subsidiary of Expert Group, Inc. Mr. Robinson has a successful history in the bottled water industry and played integral parts the rapid growth of Naya Water into the market and Evian's distribution in the United States.
Al Culbreth, CEO of Pleasant Springs stated, "In January 2013, Expert Group is prepared to make a $600,000 equity investment in the first phase of the Family acquisition, which operates over 130 vending machines in the Atlanta, Georgia areas. Family Vending generated over $1.6 million in revenues in 2012 with greater than 30% gross profit margins in a year of production. In 2013, we are projecting $5,000,000 in gross sales with gross margin increasing to 50%. The increased revenues and margin will be attributed to the placement of Pleasant Springs products into 130 different locations. Family Vending operates its vending business throughout selected retailers such as BrandsMart, the Atlanta public school system and several local Universities."
Mr. Culbreth further stated, "We have recognized that integrating distribution businesses producing high yield, high value, with reliable water rights and distribution outlets are a great investment. The Corporation further sees this as our initial footprint in the Atlanta market establishing a visible presence of our brand Pleasant Springs and products through these points of sale."
Lastly, the Corporation is in the process of retiring sixty-six million (66,000,000) common shares previously issued, which have since been returned.
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SOURCE Expert Group, Inc.