ROCHESTER, N.Y., April 15, 2011 /PRNewswire/ -- Michael P. Grande, the Chief Operating Officer of Distribution Management Services, Inc. (US.DMGM.PK), today announced that Gentz, LLC, a Florida limited liability company, which was formed by our principal executive officers to operate upscale adult gentlemen's clubs in Florida, acquired it first adult cabaret in Pinellas Park, Florida.
Gentz' first acquisition was that of a former property owned by the former Rick's Tally-Ho, a Buffalo, New York-based national operator of adult cabarets. Gentz' acquisition is the property located at 7400 Park Boulevard in Pinellas Park, Florida, and expects to reclaim the former customer base, to attract new customers, and to obtain a high-draw from the regional pool of entertainers from the Tampa-Clearwater-St. Petersburg market area. Mr. Grande states "I feel that from my 20 plus years of experience in consulting the industry, we can offer a collage of the best ideas and entertainment features, higher standards of service, and a unique niche feeling of ideas, which will make us the stand-out in this marketplace, which is the strongest in the Florida adult entertainment market, and, we will be able to continue and carry through this model to all of our clubs throughout the United States and Canada."
Gentz was the successful bidder in an all-cash transaction for the subject property's assets, and entered into a long-term lease under extremely favorable terms negotiated by Mr. Grande at the subject property. Gentz has an exclusive right-of-first-refusal to purchase the property during the terms of its lease.
Gentz is now in the process of renovating the interior and exterior of the property, including the signage and custom-made logo-branded furnishings, all in an effort to reflect Gentz' favored national concept, which Gentz' uses under exclusive license from Your Dancer Global Entertainment, a company that is controlled by Mr. Grande.
Gentz expects the Pinellas Park property to be open and operational within 60 days.
Next, Gentz' principal members are pleased to announce that they have reached a verbal agreement to acquire and operate a second location under the "Gentz ShowPlace" brand on Florida's southern Atlantic seaboard. This club is currently operating under a different name; however, Gentz' managing members expect to rename and rebrand the property following the acquisition. Gentz' managing members expect to deliver the definitive agreements by May 1.
We are also pleased to announce that we have entered into a purchase agreement for the purchase of a commercial office condominium located at 721 U. S. Highway, Suites 213 and 214 in North Palm Beach, Florida, which we use as our operations headquarters for Florida-based projects. This purchase is part of a package that includes an income producing residential unit located at 4216 Leo Lane in Palm Beach Gardens, Florida, and that will be held as an income-producing asset of ours.
Following this acquisition, we intend to acquire and develop specific property on Florida's southern Atlantic seaboard, in an upscale and fashionable community, which will be developed as an exclusive full-service marina operation which will include a waterfront-side tiki bar and restaurant. We have a received a verbal commitment for the funding of the marina project, which we expect to be funded within 90 days. This inter-coastal emerald green water location is a boater's paradise, and is grossly undervalued. We are vigorously pursuing this opportunity, as it will significantly contribute to our gross earnings.
Lastly, our senior executive management has negotiated terms to acquire multi-million dollar producing properties, which will be branded as Gentz' locations, in Arizona and smaller-sized clubs in other states. At this time, our senior executive management is of the opinion that we will be capable of acquiring properties at significantly less than their respective values due to the distressed economy and real estate market, in general. As an example, our senior executive management believes that the Florida real estate market, in particular, is experiencing more distress than in other states, with the exception of Nevada. Therefore, our senior executive management will be dedicating its acquisition and operational efforts in the Florida market this year; however, other acquisition projects are planned in other states after 2011, when our senior executive management believes that we have established our presence as a brand name in the Florida market.
Contact: Michael P. Grande, 585-284-0220, or [email protected]
SOURCE Distribution Management Services