TUSTIN, Calif., May 16, 2013 (GLOBE NEWSWIRE) -- M Line Holdings, Inc. (OTCQB:MLHC), ("M Line" or the" Company"). M Line is pleased to announce that following its successful refinancing, it has changed the name of its subsidiary, Eran Engineering, Inc., to Precision Aerospace and Technologies, Inc. ("Precision"). This is being done to more fully reflect the direction and growth of this subsidiary.
The Company plans to grow Precision primarily within the commercial and defense sectors of the aerospace industry. M Line believes that Precision's growth will increase much faster than projected growth in the commercial aerospace industry.
Precision will still continue to manufacture and grow the business with other customers in the medical device field as well as other industries. Furthermore our future plans for acquisitions will, we trust, bring new technologies connected to the aerospace industry.
This change will not in any way change or delay the growth plans for Elite Machine Tool.
Said Tony Anish, Managing Director, "The Management team at M Line have wanted to change Eran Engineering's name for some time and we felt it was appropriate to make the change at this time, as we are now positioning Precision, for significant growth over the next two to three years."
About M Line Holdings, Inc.
M Line Holdings, Inc. (OTCQB:MLHC) acquires fundamentally-sound companies that are market accepted, scalable and demonstrate a quantifiable value proposition when properly managed. Currently our focus is in the aerospace and medical manufacturing and precision equipment businesses that, with the addition of some new products and markets, can exhibit strong growth in both revenue and profits. MLHC lends its operational support, management approach, strategic partnerships, relationships and financial resources to these companies to reduce costs and expand sales, which allows these companies to achieve exceptional performance over time. MLHC currently operates two wholly owned subsidiaries that are positioned for growth; Precision Aerospace and Technologies, Inc. and E.M. Tool Company, Inc. dba Elite Machine Tool Company. Precision is AS9100 REV C certified and engineers/manufactures precision metal products and services to such major customers as Panasonic, Rockwell Collins, Driessen, UTC Aerospace Systems and Iris Medical. Elite sells pre-owned machine tool equipment that has been refurbished in Elite's facility to customer specifications.
Forward Looking Statements
This news release contains certain "forward- looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the Company's control. The forward-looking statements are also identified through the use of words "believe," enable," "may," "will," "could," "intends," "estimate," "anticipate," "plan," "predict" "probable," "potential," "possible," "should," "continue," and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of risk factors detailed in the Company's periodic reports filed with the SEC. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
Source:M Line Holdings, Inc.