Universal Apparel & Textile Company (DKGR:OTC) is pleased to provide a corporate update. In 2014, Universal Apparel Company (Illinois) was bought by Drake Gold Resources Inc., a publicly traded company. Mr. Mahabubul Kabir was appointed as the CEO and ran all aspects of the company since then. All previous officers and directors of Drake Gold have resigned with no involvement with the company whatsoever. Universal Apparel Company is a vertical manufacturer , importer and distributor of textiles, apparels and accessories. Since the company’s core business is apparel and textile, in 2015, Drake Gold changed its name to reflect the focus of its main asset and the ensuing direction of the company.
Since Mr. Kabir became CEO, Universal Apparel has had continuous growth with profits. In addition, it finished both 2014 and 2015 with positive cash flows. This growth and profitability is expected to continue.
In 2015, In an attempt to diversify our asset base in areas outside our core business of textiles, Universal Apparel signed an acquisition agreement with Newealth US Inc., an Arizona company, with multi-divisions and multi product lines. By mutual consent, the acquisition was cancelled.
Universal Apparel has strategically selected Bangladesh for production. In the global manufacturing environment for textiles, Bangladesh has the lowest cost of labor. The demand for our products is greater than it has ever been. Some factories in Bangladesh are working on our products exclusively.
Universal Apparel continues to manufacture our products in outsourced factories in Bangladesh which add to our costs and flexibility. In 2016, we plan to buy a medium sized manufacturing facility in Bangladesh to remain competitive.
Universal Apparel is also planning on revamping our ladies’ product lines. Primarily we will focus on junior tops and stretch denim jeans. Gradually we will introduce other lines of ladies’ products.
Market research showing online retail sales is growing in popularity. In 2016, Universal Apparel is planning on having an online retail clothing store to sell high end PK polo shirts and washed denim jeans. This will generate additional revenue for the company.
In addition to acquiring a new facility, Universal Apparel intends to increase its sales force. It is in negotiations with a number of entities in the West Coast of the U.S. for a joint venture. As a result, it will hire several sales and marketing personnel in the Los Angeles and New York area.
Soon Universal Apparel will have its corporate office in Aurora, IL. Aurora is 30 miles west of downtown Chicago. It is in final stages of negotiation with a real state company and will have a new corporate address soon.
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