SOURCE: X Rail Enterprises Inc.

March 09, 2016 09:00 ET

X Rail Enterprises Inc., Formerly Maxam Gold, Adopts New Business Strategy, Appoints New Management Team

LAS VEGAS, NV--(Marketwired - Mar 9, 2016) - X Rail Enterprises Inc. (OTC PINK: XREE), formerly Maxam Gold Corporation (OTC PINK: MXAM), today announced the change in the Company's business strategy and appointment of a new management team.

The board of directors of X Rail Enterprises Inc., formerly Maxam Gold Corporation, has changed the name of the Company to X Rail Enterprises, Inc. and its new trading symbol is (OTC PINK: XREE). The previous management team of Maxam Gold has resigned and the shareholders elected a new board of directors and management team to lead the company into the lucrative market of operating specialty passenger rail junkets to resort casino destinations.

The board appointed a new executive team to lead the Company headed by Mr. Michael Barron who has been appointed Chief Executive Officer and Mr. Wayne Bailey who has been appointed Chief Financial Officer. Along with the change in management, the Company is adopting a business strategy of operating chartered passenger trains from metropolitan areas to resort casino destinations. Trains are high end in motif and cater to all levels of gaming enthusiasts.

The first route being developed is the Los Angeles to Las Vegas corridor which is expected to open mid year -- fall 2016. The X Train carries 800 passengers and our staff enrolls them into our Club X rewards program. Club X rated members are directed to certain casinos which the company has referral arrangements with.

In this endeavor, Mr. Barron effected two acquisitions. The first was X Rail Asset Fund 1, which is a limited partnership for the refurbishment and retrofitting of passenger rail cars into the X Train motif. The subsidiary owns 12 passenger cars. The second acquisition was of Las Vegas railway Express, Inc. which owns the intellectual property and operating rights to run the X train between Los Angeles and Las Vegas. XREE is a shareholder in Las Vegas Railway Express, Inc.

Mr. Barron, chief executive officer, stated, "I am very excited to have been appointed to this management position at XREE. I believe there is significant opportunity for a small publicly traded company to capture this overlooked opportunity in the rail industry. Through my network of contacts across the country, and by moving quickly and being creative with our deal structures, I'm convinced we can take advantage of this untapped market."

Mr. Barron continued, "Mr. Bailey and I make the perfect team having worked together before at Shearson Home Loans, a $1.3 billion mortgage bank we built together from 2002 to 2009. With Mr. Bailey's background in corporate finance, accounting and financial analysis, we can be effective in the financial stewardship of the business. Mr. Bailey also has prior experience serving as chief financial officer for a number of publicly traded and private companies."

To better reflect this new strategy, the board has approved changing the Company's name to X Rail Enterprises, Inc. The board has also authorized the new management team to raise capital to fund its new strategy. In that regard, Mr. Barron and Mr. Bailey have already secured a $7 million equity line of credit from Ascendiant Capital Partners. The Company is currently building a new website that will contain additional information on the business, its new management team, its strategy and its funding initiatives. For further information please contact Mr. Barron.

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