Universal Apparel Company, a wholly-owned subsidiary of Drake Gold Resources Inc. (DKGR:OTC), is pleased to announce that it has successfully shipped out two 40 foot containers of t-shirts in the month of October with those corresponding purchase orders announced on September 23rd. These containers are expected to arrive in a designated US port in late November to early December. The total revenue for Universal Apparel will be in excess of $200,000. Universal Apparel's wholesale customer's are eagerly awaiting the merchandise in anticipation for a strong Christmas season. The pk polo shirts have not been shipped as of yet.
Mr Kabir, the CEO of Drake Gold Resources Inc. (DKGR:OTC), is additionally pleased that, during this week, the company will open another Letter of Credit (LC) in the amount of $85,000 from Sterling Bank of New York. The company is also expected to open another LC from Soleil Chartered Bank of Romania during the month of November for the amount of $300,000. The funds will be used to produce Universal Apparel's large purchase orders which have been received and announced by the company previously as well as additional ones.
Updates will be forthcoming.
This release includes forward-looking statements, which are based on certain assumptions and reflects management’s current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.