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NEWARK, Del., Aug. 9 /PRNewswire-FirstCall/ -- Xtreme Entertainment Group, Inc.'s CEO Scott Oglum released today a summary of company expansion milestones:
Let me begin by saying that Theater Xtreme is a progressive company that continues to meet important expansion targets while remaining highly differentiated in the consumer electronics retail segment. Thousands of Theater Xtreme cinema rooms are in the homes of middle-income Americans. Our customers have lived in their homes for an average 5 years, and have an approximate home value of $500,000. We add more satisfied customers to our family everyday.
Store unit growth continues upward. Currently, we have 27 stores that are either in operation or awaiting development. Nine of these are franchises and five are company-owned stores. In the next thirty days Seattle, Washington and Draper, Utah will open in highly desirable markets. Forthcoming suburban stores outside of Sacramento, California and Atlanta, Georgia, are the newest members to our family.
We recently opened a re-designed boutique store in Wilmington, Delaware. It's exceeded all of our expectations, particularly because of a 210% boost in traffic over other locations. This is a testament to our continuous efforts in refining our model.
Our e-tail site will also open in the fourth quarter of this year. We expect it to expand greatly our national footprint. It will present online shoppers with affordably-priced, pre-configured theater rooms. Unlike the many component dealers across the Internet today, we're positioned to make buying a theater room online as easy as buying one in our stores.
In just 4 short years Theater Xtreme managed to go from nothing to a significant player in the 'real movie theater at home' marketplace. We've done this by approaching the consumer electronics retail business with fresh eyes and vigorous spirit.
Many people mistakenly think Theater Xtreme is just another home theater store. Nothing could be further from the truth. Our concept is a new and unique alternative to conventional home entertainment. Putting a real movie theater into a home, long considered a luxury reserved for the rich, is now more affordable than ever for the 20 million households in our target demographic.
All of us at Theater Xtreme personally invite you to visit a store near you and experience, first-hand, how our concept is changing the consumer's view of home entertainment. Visit http://www.TheaterXtreme.com for locations and company information.
To be added to Theatre Xtreme's investor contact list, please contact Justin Schakelman at jschakelman@theaterxtreme.com.
About Theater Xtreme Entertainment Group, Inc.
Theater Xtreme Entertainment Group, Inc. (OTC Bulletin Board: TXEG - News) is a specialty retailer of real movie theaters for the home. The Company's 80" to 120" front projection systems deliver an authentic movie theater experience, as an increasingly popular alternative to flat panel televisions. Its cinema packages, featuring brand names and factory direct products, are simple to use and cost significantly less than traditional A/V dealer offerings. With package-focused merchandising and fast installation, the Company makes it easy to own a complete theater. It operates 5 company owned stores and 9 franchises in 10 states.
Safe Harbor Statement
Some of the information presented in this letter constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent the Company's judgment regarding future events, and are based on currently available information. Although the Company believes it has a reasonable basis for these forward-looking statements, the Company cannot guarantee their accuracy and actual results may differ materially from those the Company anticipated due to a number of known and unknown uncertainties, of which the Company is not aware. Factors which could cause actual results to differ from expectations include, among others, the ability of the Company to sell franchises, success of the franchise stores, the ability to find suitable locations for new corporate and franchise stores, delay or loss of key products from vendors, the ability to maintain margin and sales growth rate, disruption of product delivery from overseas suppliers, changes in regard to significant suppliers, increased competition from companies with more expertise, experience, or financial resources, technological changes in the home theater market which may render the Company's offerings obsolete, less competitive, or too expensive, material reduction in the demand for home theaters, and lack of sufficient capital to allow the Company to achieve its corporate store opening goal. For additional information concerning these and other important factors that may cause the Company's actual results to differ materially from expectations and underlying assumptions, please refer to the reports filed by the Company with the Securities and Exchange Commission available at www.sec.gov.
Contacts:
Investor & Media:
The Investor Relations Group
Katrine Winther-Olesen
212-825-3210
katrine@investorrelationsgroup.com
Mike Graff/Susan Morgenbesser
212-825-3210
mgraff@investorrelationsgroup.com
susan@investorrelationsgroup.com
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