PALM SPRINGS, Calif. — Shares of U.S. Dry Cleaning Corp. began trading last week on the over-the-counter bulletin board (OTCBB) under the symbol UDRY. The stock and an initial public offering completed in July makes it the first retail drycleaning chain to be traded publicly in the U.S., the company says.
“We are very proud to announce that our stock is now available to the public,” says Robert Y. Lee, CEO, director and cofounder. “We have a strong business plan to grow rapidly by acquiring profitable drycleaning businesses that are No. 1 in their markets throughout the United States. Consolidation will create accretive value through economies of scale, operational synergies, best practices and professional management of the highest quality.”
U.S. Dry Cleaning’s July offering garnered $6.1 million that the company will use to advance its plan to be the industry’s first major consolidator and nationwide chain. The company has already completed acquisitions with combined annual revenues of over $9 million so far, and now operates more than 30 locations under three brands in California and Hawaii.
The company targets dominant market players with positive cashflows, and plans to leave targeted operations’ management in place during assimilation. U.S. Dry Cleaning’s management team includes veterans of business consolidation and drycleaning operations.
Shares of the company closed down $.20 yesterday to $2.05. For more information, visit U.S. Dry Cleaning’s website, www.usdrycleaning.com.
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