JACKSONVILLE, Fla. — In the last two years, the family-owned DYNASTY LIMOUSINE has pursued just about every avenue for growth: becoming the only publicly traded company in the limo industry, buying another company, winning public sector contracts, appearing on a tv reality show, bucking recessionary trends ... not to mention competing for three years in a row as an LCT Operator of the Year finalist.
Pierce Fleming, VP and CFO of Dynasty Limousine of Jacksonville, Fla., a publicly traded company
Now, the 16-vehicle luxury transportation company run by the Fleming family -- mother, son, and his wife -- can add a few more to its list: Making access to shares of its stock more widely available; and getting into the charter bus and tour niche.
Dynasty Limousine Inc. (PINKSHEETS: DNYS) received DTC Eligibility as of May 4, allowing trading of the company's securities through most brokers electronically, which had not been previously available since trading began in July 2010.
“Now you can buy our stock through discount brokers anywhere such as Ameritrade, Scottrade, and eTrade,” Pierce Fleming, vice president and CFO of Dynasty Limousine, told LCT. “Before, we only had two brokers that were allowed to do the trading. That was limiting volume we could do and inhibiting the price from moving and getting a lot of volume. It took six additional months to get done.”
Fleming described the previous path of stock purchases as “old school,” where a buyer had to get a paper stock certificate “walked through” to a broker, to a clearinghouse, back to the broker, and then manually entered into a ledger.
Dynasty Limousine trades under the DNYS symbol on the OTC MARKETS PINKSHEETS.
The DEPOSIT TRUST & CLEARING CORP. (DTCC) through its subsidiaries, provides clearing, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks.
DTCC's depository provides custody and asset servicing for 3.6 million securities issued from the U.S. and 121 other countries and territories, valued at almost $34 trillion. In 2009, DTCC settled more than $1.48 quadrillion in securities transactions. DTCC operates through 10 subsidiaries, each of which serves a specific segment and risk profile within the securities industry.
Dynasty maintains an A+ accredited BBB rating. Additional company information may be accessed via Dun and Bradstreet, Pinksheets.com, or by visiting the Investor Relations area located on its websites. At the time of the MarketWire.com press release, the total number of shares issued and outstanding is 4,836,425 with a current float of 688,900 shares.
Two days after getting DTC eligibility, Dynasty closed a transportation contract with the U.S. Air Force for bus service between Eglin AFB near Fort Walton Beach, Fla., and Robins AFB near Warner Robins in central Georgia.
The four-year contract allows Dynasty to provide emergency and evacuation transportation and a meal for up to 225 U.S. Air Force personnel. Since Eglin AFB is located along Florida’s Panhandle coastline, the most likely scenario would be arranging the bus service from there to Robins in the event of a hurricane evacuation.
The contract requires a 24-hour notice to Dynasty for use of four 55-passenger motorcoach buses and a 30-passenger shuttle bus, Fleming said. Dynasty is arranging the motorcoach availability through a local affiliate while it owns 30-passenger and 20-passenger Turtle Top shuttle buses. “Possibly getting motorcoaches ourselves would make sense,” said Fleming, who is expanding beyond stretch limousine service for leisure clients.
The Department of Defense contract is the largest public sector contract so far that Dynasty has bid on and won. The contract was presented to the company through its aviation services and FBO partner, ZEPHYR AVIATION of Louisa, Va.
Dynasty Limousine, which has offices in Jacksonville and Orange Park, Fla.,and also serves southeastern Georgia, was founded in 1998 and has 17 employees. 2010 revenues were $703,000, up 33.5% compared to 2009.