SAINT PAUL, Minn., Nov 15, 2011 /PRNewswire/ -- General Finance and
Development, Inc. (OTC Markets: GFDV) announced today 3rd quarter
results for 2011.
The highlights are summarized below. However, we urge investors
to read our 2011 3rd Quarter Report posted at www.genfd.com and
www.otcmarkets.com. The limited information that follows in this
press release is not adequate for making an informed investment
judgment.
The highlights for the quarter include a 63 percent increase in
sales revenue over the same period in 2010 and net income of
$12,955 compared to a net loss of
$105,104 for the 3rd quarter of 2010.
The company has generated a net profit for the fourth
consecutive quarter.
GFD realized a net income of $43,336 for the nine-month period ending
September 30, 2011 compared to a net
loss of $284,290 for the same period
in 2010.
Total assets for GFD exceed total liabilities by a multiple of 5
to 1 compared to 3 to 1 at year- end 2010.
Financial results are being driven by GFD's main operating
subsidiary Corporate Art Force (CAF). During the quarter the
company continued efforts to develop the SmartArt Program that it
has been piloting with a Fortune 500 company. The SmartArt
Program is a comprehensive art management process that includes an
initial analysis and twelve other modules that are tailored to meet
the unique needs of the client. To protect the intellectual
property rights of the SmartArt Program, a provisional patent was
filed on October 17, 2011 with the
United States Patent and Trademark Office.
CAF management believes when managed properly, art provides an
intrinsic return on investment evidenced by improved employee
retention and productivity, customer and public awareness and
patient outcomes for healthcare organizations.
The Minneapolis-based company
is a model being developed for expansion into other cities with the
SmartArt Program being a key to that expansion. "I believe that the
SmartArt Program will give us a decided advantage over others who
are pursuing the large corporate market," stated William Kieger, CEO. "The SmartArt Program has
been created for clients to optimize their art assets by helping to
plan, implement and continually evaluate the effectiveness of their
art program," he went on to say.
Since inception in September 2009,
CAF has framed and distributed over 12,500 pieces of artwork for
more than 150 clients to locations in 40 states.
Corporate Art Force is unique in
that there is not an extensive inventory or single gallery that
artwork is sold from. The motto "The World Is Our Gallery"
explains the CAF philosophy of working directly with artists who
meet the criteria established by the company's proprietary art
selection committee. The company has over 2,000 artists who provide
artwork for CAF and clients.
CAF management believes the market for the services they provide
is estimated to be over $1 billion
and there currently is no single provider who has as much as 10
percent of the market. The industry is considered to be fragmented
and non-standardized and CAF believes there is an opportunity to
capture a significant share of the market within the next several
years by recruiting and training art consultants who will become
certified as part of the company's proprietary Art Consultant
Certification Program.
Corporate Art Force provides
turnkey art procurement services to corporate clients nationwide.
The company specializes in brand alignment, helping corporations
large and small select wall decor and artwork that perfectly aligns
with key messages to targeted audiences. CAF's art fulfillment
capabilities provide the standardized logistical process needed to
select, procure, frame, ship and install artwork worldwide. CAF
uses its position as a national leader to deliver cost efficiencies
on all of the above with the best pricing by leveraging their
expertise of best practices, volume buying, and economies of scale
in production.
General Finance and Development, Inc. provides capital and
business development services to small and medium size companies.
Capital is provided to qualified companies by equity and/or
strategic loan agreements. Business development services include
business planning, organization and management development. GFD
also pursues merger/acquisitions and joint venture projects.
The foregoing material may contain forward-looking statements.
We caution that such statements may be subject to uncertainties and
that actual results could differ materially from the fore-going
statements. Readers accordingly should not place undue reliance on
these forward-looking statements which do not reflect anticipated
or unanticipated events or circumstances occurring after the date
of these forward-looking statements. More information regarding
General Finance and Development including financial statements and
reports is available at the company's website www.genfd.com and
www.otcmarkets.com.
Contact:
General Finance and Development, Inc.
InvestorRelations@genfd.com
SOURCE General Finance and Development, Inc.