SOURCE: Las Vegas Railway Express, Inc
LAS VEGAS, NV--(Marketwire - Nov 15, 2012) - Las Vegas Railway Express, Inc. (OTCQB: XTRN) today filed its quarterly financial disclosure statement on form 10Q with the SEC. The Company continues on its plan of development of a luxury passenger train, the "X Train," which plans to take passengers from Los Angeles to Las Vegas and back in Vegas style comfort. The Company plans to begin operations in late 2013.
The Company improved its financial balance sheet during the third quarter with the elimination of $2.2 million of liabilities. These included conversion of short term debt to equity of $775,000, the elimination of a stock subscription payable to equity of $640,000, and disposal of liabilities from discontinued operations of $749,000. The Company also successfully subscribed a private placement offering of $2,282,000. The resulting balance sheet reflects a positive stockholders equity of $1,736,995 as of September 30, 2012 against a stockholders negative equity of ($1,623,055) as of March 31, 2012. This is a positive increase in stockholders equity of $3,360,050.
About the Las Vegas Railway Express, Inc.
Las Vegas Railway Express, Inc. has been planning for the establishment of a "Vegas Class" passenger train service between Los Angeles and Las Vegas since early 2009. Service departures are planned to be Thursday and Friday to Las Vegas with returns on Sunday back to Los Angeles. An introductory price of $99 each way includes Vegas Class accommodations and all-inclusive food & beverage. In addition, the X Train will also offer the ability for its passengers to book hotel rooms, transportation transfers, entertainment & show tickets and other travel incidentals. For more information, please visit the Company website at http://www.vegasxtrain.com.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.