SOURCE: U.S. Dry Cleaning Corporation

September 04, 2007 11:11 ET

U.S. Dry Cleaning Corporation Appoints New Chief Financial Officer

PALM SPRINGS, CA--(Marketwire - September 4, 2007) - U.S. Dry Cleaning Corporation (OTCBB: UDRY) ("U.S. Dry Cleaning"), a first mover in consolidating the nation's dry cleaning industry, announced today that the company's Board of Directors has appointed F. Kim Cox as Chief Financial Officer and Treasurer.

Mr. Cox is replacing Haddon Libby, who resigned to take a senior management position with Zurich Capital, LLC.

Mr. Cox has more than 20 years of broad management experience in public and private companies, including acquisitions, strategic planning, contract negotiations, investor relations, finance, operations, IPOs and divestitures. Most recently, he served as CFO and then President of Rentrak Corporation, Portland, Oregon, a $100-million public company providing information management services to clients in the media, entertainment, retail, advertising and manufacturing industries. As President, he was responsible for all operational functions and implemented a company-wide action plan that increased the company's P/E ratio by three times. Previously serving as CFO, he reorganized Rentrak's financial reporting system and managed financings and acquisitions of over $100 million, among other accomplishments.

Mr. Cox said, "I'm delighted to join the innovative management team of U.S. Dry Cleaning as the company accelerates its dynamic growth strategy. Management's vision of creating the first national chain of premier dry cleaning businesses in the United States offers outstanding opportunities for shareholders and new investors. I look forward to helping realize the extraordinary potential the company presents."

Anthony J.A. Bryan, Chairman of the U.S. Dry Cleaning Board, stated, "As U.S. Dry Cleaning completes its successful initial public offering -- which is a first for the dry cleaning industry -- we are very fortunate to have someone with Kim Cox's talent and background as part of our management team at this critical period in the company's development. Kim will be responsible for planning and executing U.S. Dry Cleaning's financial strategy in support of its very ambitious acquisition program."

Mr. Bryan added, "Haddon Libby's contributions to the company have been numerous and valuable, and we all wish him well in his new responsibilities."

About U.S. Dry Cleaning Corporation

U.S. Dry Cleaning Corporation's mission is to create the premier national chain in the dry cleaning industry. Over the last year and half, U.S. Dry Cleaning has completed acquisitions with combined annual revenues of over $9 million. U.S. Dry Cleaning combines a management team with extensive experience in retail consolidations and premier dry cleaning operations, with a proven operating model.

U.S. Dry Cleaning intends to rapidly acquire profitable, positive cash flow operations at accretive valuations. Each acquisition target is expected to be self-sufficient and senior management is expected to remain in place to ease the assimilation. U.S. Dry Cleaning is focused on acquiring profitable businesses that hold a leading share in their individual markets.

U.S. Dry Cleaning management believes that the current absence of extensive competition to acquire the larger dominant operators will change as the industry consolidates. Management believes that the greatest value achieved in any consolidation occurs during the earliest phases and intends to grow as rapidly as possible to deliver shareholder value.

This release is provided for informational purposes only and should not be construed as a solicitation to invest. U.S. Dry Cleaning Corporation's future operation results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) the Company's ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at http://www.sec.gov/ under "Search for Company Filings."

In accordance with a December 5, 2006 agreement, Consulting For Strategic Growth 1, Ltd. ("CFSG1") provides U.S. Dry Cleaning Corporation ("the Company") with consulting, business advisory, investor relations, public relations and corporate development services. CFSG1 receives only restricted stock as compensation from the Company. CFSG1 may also choose to purchase the Company's common stock and thereafter liquidate those securities at any time it deems appropriate to do so. For more information please visit www.cfsg1.com.

Contact Information

  • Company Contact
    Rick Johnston,
    Director of Shareholder Communications
    Tel: 760-668-1274
    Email: Email Contact
    www.usdrycleaning.com

    Investor Relations:
    Stanley Wunderlich
    CEO
    Consulting For Strategic Growth 1
    Tel: 800-625-2236
    Fax: 212-337-8089
    Email: Email Contact
    Web site: www.cfsg1.com

    Media Relations:
    Daniel Stepanek
    Consulting For Strategic Growth 1
    Tel: 212-896-1202
    Fax: 212-697-0910
    Email: Email Contact