Share prices for home theater projection retailer Xtreme Entertainment Group Inc. (OTCBB: TXEG) was up an impressive 40 percent today, spurred on by a recent company expansion summary written by Xtreme Entertainment CEO Scott Olgum.
“Theater Xtreme is a progressive company that continues to meet important expansion targets while remaining highly differentiated in the consumer electronics retail segment,” Olgum said in his letter. “Thousands of Theater Xtreme cinema rooms are in the homes of middle-income Americans. Our customers have lived in their homes for an average of five years, and have an approximate home value of $500,000. We add more satisfied customers to our family everyday.”
According to the letter, the company’s been busy lately. Not only are there now 27 stores that are either in operation or awaiting development – five of which are company-owned stores – but in the next 30 days, more stores will open in Seattle, Washington, and Draper, Utah – and new suburban stores are expected soon.
In addition, the company’s “e-tail” – online retail – site will go on later this year, which Oglum expects to “greatly expand [the company’s] footprint.”
“It will present online shoppers with affordably priced, preconfigured theater rooms,” Oglum said. “Unlike the many component dealers across the Internet today, we’re positions to make buying a theater room online as easy as buying one in our stores.”
In response to the news, the company’s share prices rose to 35 cents a share by mid-afternoon.
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