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XA Signs Letter of Intent to Acquire Musters & Co., a Leading New
York Event Design Firm
Mark Musters to Lead XA's New York Design Center
CHICAGO, Dec. 21 /PRNewswire-FirstCall/ -- XA, Inc., (OTC BB: XAIN), a major
national event marketing firm that serves many Fortune 500 companies, reported
that it has signed a letter of intent to acquire Musters & Co., a high-profile
New York-based event design and production firm. The acquisition, which is
anticipated to close in January, is expected to be immediately accretive to
earnings.
Musters & Co., headed by Mark Musters, is a leading provider of event design
and decor for major corporate events. Known throughout New York as well as
nationally for the brilliant environments he creates, Mark Musters has a cadre
of glamorous clients among New York fashion and media companies. He created
costumes and stage sets on Broadway, before opening his own event planning and
floral design company in 1998.
Chairman and Chief Executive Officer Frank Goldstin of XA said, "Mark Musters
irrepressible creative spirit makes his firm a perfect match with XA. Like XA,
he is dedicated to creating for his clients overwhelming environments, what he
calls a 'sensory experience.'"
Chief Operating Officer Joseph Wagner of XA said, "With the Musters & Co.
acquisition, XA expects to add more than $2.5 million in revenue in the next
year. In addition to acquiring a successful floral and event decor business,
XA will, most importantly, gain the capability of producing in New York the
one-of-a-kind event decor and design elements that we have had to outsource in
the past. As a result, each event will be more profitable."
XA announced that Mark Musters has agreed to orchestrate XA's state-of-the-art
Design Center in New York. The center will become the design fabrication
facility for XA as well as a showcase of XA's design and fabrication
capabilities to clients. The center will further XA's ability to fabricate
decor and environmental design elements for its prestigious roster of corporate
clients and highly visible brands.
Mark Musters, who will join XA as Creative Director, NY, said, "I am excited
about working closely with XA's great management team and its high-profile
clients. By combining talents and expertise, we will showcase cutting-edge
environments in the Design Center. Everyday, every season and every holiday
will give us a new platform to display our creativity."
Working by appointment only, Musters' operations, located in the floral
district in New York, include a wood shop and a welding shop for constructing
elaborate environments. He has created spectacular showrooms and events for
such high-profile New York-based corporations as Revlon, Cosmopolitan,
Entertainment Weekly and People magazines, Tommy Hilfiger, VH1, SONY and
Infiniti. These assignments have made his name a household word in the
high-end event design industry.
Mark Musters and his team will join XA, subsequent to the closing of the
acquisition.
The event marketing industry generates nearly $80 billion a year in direct
spending, according to a study by Deloitte & Touche LLP. Moreover, corporate
spending on event marketing has been growing; it rose 15% in 2003 and it is
predicted to generate an additional 15%-to-20% growth in 2004. (Source: PROMO
Magazine)
About XA
XA has full service offices in Chicago, New York and Los Angeles from which it
provides corporations and highly visible brands with comprehensive event
marketing, design and production services. Since 1989, Chairman and CEO Frank
Goldstin and his team have been the creative force behind prestigious, national
projects for such clients as The NBA, Disney, McDonald's, British Telecom, Song
Airlines, Eurex, Olympus, Salvatore Ferragamo, Vogue, W Hotels, ABN AMRO and
Emirates Airline. In 2003 and 2004, Special Events Magazine ranked XA as one of
the "Top 50 Powerhouse Event Companies in the World."
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In particular, when used
in the preceding discussion, the words "believes," "expects," "intends,"
"will," "anticipated," or "may," and similar conditional expressions are
intended to identify forward-looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Except for historical
information, all of the statements, expectations and assumptions contained in
the foregoing are forward-looking statements that involve a number of risks and
uncertainties. It is possible that the assumptions made by management are not
necessarily the most likely and may not materialize. In addition, other
important factors that could cause actual results to differ materially include
the following: business conditions and the amount of growth in the company's
industry and general economy; competitive factors; ability to attract and
retain personnel; the price of the Company's stock; and the risk factors set
forth from time to time in the Company's SEC reports, including but not limited
to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and
any reports on Form 8-K. XA, Inc. (OTC BB: XAIN) takes no obligation to update
or correct forward-looking statements and also takes no obligation to update or
correct information prepared by third parties that is not paid for by the
Company.
For more information, please contact:
Company: Investors: Media:
Lara Shipp Truc Nguyen Stan Froelich
XA VP, Investor Relations VP, Media Relations
312-397-9100 ext. 2399 Stern & Co. Stern & Co.
212-888-0044 212-888-0044
DATASOURCE: XA, Inc.
CONTACT: Company, Lara Shipp of XA, +1-312-397-9100 ext. 2399,
; or Investors, Truc N. Nguyen, VP, Investor Relations,
+1-212-888-0044, , or Media, Stan Froelich, VP, Media
Relations, +1-212-888-0044, , both of Stern & Co.
Web site: http://www.expagency.com/