TUSTIN, Calif., May 19, 2014 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC) ("M Line" or the "Company"), a leading provider of products, assemblies and services to the precision high tech segment of both the aerospace and medical industries as well as a seller of high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment, today announced that the Company has added two major customers. The first is a leader in providing distribution, life extension, maintenance, repairman overhaul (MRO) and logistic support solutions to operators in the US and in over 30 countries worldwide. The second customer is another multi-million dollar sales company located in Australia, a new territorial market for M Line. It is an aerospace and defense company providing proprietary products in avionics, display technology, filter panels and power supplies markets.
In other news M Line will be filing its results for the three quarters ended March 31, 2014 today. The preliminary results will change and will reflect a lower profit than estimated at $18,617 due to non cash derivative calculations of $448,210. The EBITDA for the nine month period ended March 31, 2014 is $1,110,456 compared to ($920,501) for the comparable period in 2013. This is an improvement of $2,030,957. Further, Fiscal 2014 is still on target for a profit of $1.5 million with EBITDA expected to be closer to $2.5 million based on the profit from a strategic alliance which the Company is currently working on and expecting to close by June 30, 2014.
Bruce Barren, CEO of M Line, commented: "One of the most important elements in building Shareholder Value is through one's customers, particularly a company's capabilities to attract new customers. We are demonstrating this at M Line in our "step-by-step", one building block at a time approach. M Line's team is committed to do just that - Stay Tuned."
Tony Anish, COO of M Line, added: "Even though our cash flow is still tight, we continue to make positive moves with, new customers, strategic alliances and our continued negotiations with prospective acquisition targets plus we continue to improve our customer performance ratings."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC). M Line provides products and services to the precision high tech segment of both the aerospace and medical industries as well as selling high end pre-owned Japanese Computer Numerically Controlled ("CNC") Equipment. Key customers of our group include Panasonic Avionics, UTC Aerospace Systems, Beckman Coulter, BE Aerospace and SIE (Structural Integrity Engineering, Inc.). The Company is headquartered in Tustin, California. For more information see our website at http://www.mlineholdings.com/
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