Las Vegas Railway Express, Inc. (OTCQB: XTRN) Files Third Quarter 10-Q, Terminates UP Agreement and Posts Profit of $1.4 Million
(firmenpresse) - LAS VEGAS, NV -- (Marketwired) -- 11/12/13 -- The Las Vegas Railway Express, Inc. (OTCQB: XTRN), known as the X Train, a planned luxury train travel service featuring its "Club X Train" service, announced today that the Company had terminated its agreement with Union Pacific Railroad effective October 31, 2013 citing an alternative capital plan which will relieve the Company from raising $100 million from its own equity to finance the LA to Las Vegas rail route.
"We have an alternative for off balance sheet financing for this route which eliminates the need for the Company to dilute its shareholders by $100 million," stated Michael Barron, President and CEO of the Company. "As a result of this alternative financing plan, we no longer needed to retain the Union Pacific agreement which required the Company to make prepaid capital improvement payments of $66 million," Barron said. The alternative financing plan would still finance the LA to Las Vegas route as planned.
The Company posted earnings for the quarter ending September 30, 2013 of $1,400,773 or $0.01 per share. This is an increase of $2,605,255 over the same period ending September 30, 2012 which posted ($1,204,482) or a loss of ($0.03) per share. The increase in earnings was a result of a reduction in the derivative liability on the Company's balance sheet.
The X Train is a Las Vegas, Nevada based company that offers exclusive railway train service between premier destinations. Offering day trips and vacation packages, the X Train passengers can expect spacious first class seating, complimentary beverages and fresh catered food options. In addition, the X Train passengers will enjoy on board concierge service to book hotel rooms, transportation transfers, entertainment, show tickets and other travel incidentals. The X Train is part of the Las Vegas Railway Express, Inc. which is a publicly traded company (OTCQB: XTRN). For more information, please visit the company website at .
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Ms. Maria Bailey
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Las Vegas Railway Express, Inc.
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Datum: 12.11.2013 - 20:40 Uhr
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News-ID 315608
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