MJXCE NewsMajestic Modular Ltd. Posts Five Fold Increase in 1999 Sales
SAN DIEGO, Jan 19, 2000 (BUSINESS WIRE) -- The Majestic Companies Ltd.
(OTCBB:MJXC) is pleased to announce that their modular building unit,
Majestic Modular Buildings Ltd. has posted a five fold increase in
delivered sales for fiscal year 1999 as compared to fiscal year 1998.
As of Dec. 31, 1999, total booked sales of $2.2 million (unaudited)
have been recognized. The current backlog of orders at the factory has
recently been calculated at just under $3.5 million, and management
anticipates the completion and delivery of up to 60% of these orders
during the first quarter of 2000. This would put the group on track to
generate revenue numbers for fiscal 2000 in the range of $7 to $9
million, which coincides with management's current pro forma growth
target figures.
In related news, management is pleased to announce the addition of two
new sales associates to Majestic's marketing team that together bring
over 12 years of modular structures selling experience to the existing
sales staff. It is anticipated that the additional sales staff will
play a key role in continuing to increase both revenue and market share
for the company going forward, especially in light of the influx of
funds currently becoming available to California schools for state-wide
class size reduction programs from the previously passed $9.2 billion
Proposition 1A.
The Majestic Companies Ltd. is a holding company based in San Diego,
that manages a group of wholly owned manufacturing and financial
subsidiaries that include: Majestic Modular Building Ltd. a
manufacturing unit that designs, builds and markets both re-locatable
modular classroom buildings for California Unified School systems and
modular structures for commercial end users; Majestic Transportation
Products, Ltd., a group that engineers and markets transportation
related safety products including the SAFE-T-BAR(TM) school bus
occupant restraint; and Majestic Financial Ltd., a lease and finance
company that owns and operates a fleet of leased modular classrooms.
Additional information can be obtained by visiting the company's Web
sites at: www.themcl.com and www.safe-t-bar.com
Note: Certain statements in this Press Release are "forward looking
statements" within the meaning of the Private Securities Litigation Act
of 1995. Such statements involve known and unknown risks, uncertainties
and other factors that may cause results to differ materially. Such
risks, uncertainties and other factors include, but are not limited to,
changes in general economic conditions, risk in product technology
developments, market acceptance of new product and continuing product
demand, level of competition and other factors described in the
company's reports, prospectuses and other filings with the Securities
and Exchange Commission.
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CONTACT: The Majestic Companies Ltd.
Investor Relations, 619/209-6077 |
