Floor Decor announces name and trading symbol change
Floor Decor completed a reverse merger with Media Communications Group Inc., an existing public company, on May 22 and began trading on the NASDAQ OTC Bulletin Board, initially, under the symbol MCGI.
"We are pleased to have been able to change our symbol so soon after the merger we recently completed," said Floor Decor CEO Nassar. "Now we can further develop the Floor Decor brand and corporate identity. Our management team is excited about the prospects of building a major retail 'category killer' in the carpet and flooring industry."
Floor Decor is developing a chain of "big box superstores" that offers a wide selection of floor coverings including carpet, area rugs, wood, and laminates at discount prices to both commercial accounts and consumers. The company's initial store, based in Fort Lauderdale is larger than 50,000 square feet and stocks a product line that includes more than 5,000 area rugs and 1 million square feet of other floor coverings.
The Company's business strategy is to grow rapidly by acquiring existing dealers that traditionally have only sold to the commercial homebuilder trade. These acquired businesses will be consolidated into Floor Decor's superstore format that also caters to the general public. The Company expects to develop the decorator trade by continuing to offer commissions and other incentives via its professional member program.