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Florida Operator To Become First Publicly Held Limousine Company

Posted on December 9, 2009 by LCT Staff - Also by this author - About the author

JACKSONVILLE, Fla. — Dynasty Limousine, a 12-vehicle operator serving northeastern Florida and southeastern Georgia, completed a three-year process on Nov. 23 to qualify as the first publicly traded limousine company in the U.S.

The Financial Industry Regulatory Authority is scheduled to give final approval and issue a ticker symbol and opening stock quote as early as January, said Pierce Fleming, vice president of Dynasty Limousine. Dynasty will be traded as a Pink Sheet stock on the OTC Bulletin Board (Over The Counter). Hoovers and Dun and Bradstreet have verified that Dynasty will be the first publicly traded limousine company in the U.S.

The process for a company to become eligible to "go public" is reached after it retains 50 shareholders for one year.

Dynasty closed out its initial public offering in October with 57 shareholders on record. The total amount of shares outstanding is 4,636,425. Pierce Fleming, his wife, Shelly, the general manager, and mother, Anne Fleming, the founder and CEO, will own 81% of the shares. Dynasty’s market capitalization will be defined once it receives its opening quote.

During the next several weeks, the company's securities attorneys will be filing opinion letters and other documents with the Securities and Exchange Commission and the Pink Sheets quotation service. Dynasty has provided updated financials and all state filings are in order and current. Upon review of Dynasty’s financial information, a market maker will provide the opening price and trading will commence. A stock symbol will be assigned shortly before trading begins. Dynasty has retained StockTrans Inc. as its stock transfer agent and registrar. Tiber Creek Corp. is helping with the public registration process.

Dynasty has estimated revenues of $700,000 for 2009 and seen strong growth since it was founded in 1998, including 34% growth in 2008 and 6.8% growth in 2009. The company has two locations in Jacksonville and Orange Park. Dynasty plans to take advantage of the current climate in the vehicle market and buy more limousines at reduced prices as part of its expansion in 2010, Pierce Fleming said.

Pierce Fleming, who joined the company full-time in March 2008, previously managed an Acura dealership for 16 years. Anne Fleming founded the company in 1998.

Dynasty Limousine was recently named a finalist for the 2010 LCT Operator of the Year Award in the 11-30 vehicles category, and was a finalist in the same category last year. The company maintains an A+ accredited rating with the Better Business Bureau and belongs to the NLA and Chamber of Commerce.

Source: Martin Romjue, LCT Magazine

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