GFD Announces 2012 Year End Results
Mar 07, 2013
OTC Disclosure News Service
Finance and Development, Inc. (GFDV) announced today year-end results for 2012.
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
- 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
- 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.
results are being driven by GFD’s main operating subsidiary Corporate Art Force
(CAF). Net income was $262,400 for 2012.
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
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.
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.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.