GFDV

 
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OTC Disclosure & News Service

 

GFD Announces 2012 Year End Results

Mar 07, 2013

OTC Disclosure & News Service

Minneapolis, MN -

General Finance and Development, Inc. (GFDV) announced today year-end results for 2012.

The highlights are summarized below. However, we urge investors to read our 2012 Annual 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 annual shareholders meeting has been scheduled for April 25, 2013.

  • The Company realized a net income of $351,684 for the year-end December 31, 2012, as compared to a net income of $21,873 for the year-end 2011. 
  • The Company generated $2,258,466 in revenue for the year ended December 31, 2012 as compared to $1,760,579 in revenue for year ended December 31, 2011.
  • General and administrative expenses for the year-end December 31, 2012 were $551,827 as compared to $535,063 for the year-end 2011.
  • Total assets for the Company were $1,264,301 for 2012 year-end compared to $ 904,415 at 2011 year-end.
  • The Company had liabilities of $101,050 at 2012 year-end compared to $92,848 in liabilities at 2011 year-end.
  • Current liabilities were $99,289 at year-end 2012 compared to liabilities of $80,954 at 2011 year-end. Current assets exceeded current liabilities by a multiple of 9 at 2012 year-end.
  • Long term debt excluding current maturities was $1,761.
  • Company book value increased by $.08 per share in 2012 over 2011.
  • Company book value per share increased by $.005 per share in 2011 over 2010.

Financial results are being driven by GFD’s main operating subsidiary Corporate Art Force (CAF). Net income was $262,400 for 2012.

CAF has delivered more than 19,000 pieces of artwork to institutional organizations since inception in September of 2009.

The Company has been branded as “America’s Premier Artwork Provider” and has developed an asset management program for artwork being marketed as “SmartArt Program”.

A Finance Program Module was added in 2012 that includes a proprietary subscription agreement that integrates a lease with a purchase option and rotating art program. The financing is provided by GFD Investments, LLC, a separate wholly owned subsidiary of General Finance and Development.

GFD Investments, LLC is a speculative investment fund that may hold company stocks, debentures, real estate ventures, venture capital projects, joint venture financing and bridge financing. The Company may also finance projects and provide financing to other subsidiary companies of General Finance and Development, Inc.  Net income for GFD Investments for 2012 was $78,384.

GFD is in the early planning stages of a Creative Business Center concept that will incorporate a physical building located in Minneapolis that will serve as the base for Corporate Art Force and office suites for creative business ventures. At least some of those business ventures would receive financing and other business development services from GFD and its subsidiary companies.

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.

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