Decorize changes name, makes stock moves

Springfield-based home-furnishings and accessories company Decorize Inc. has a new name and less debt.

The company announced Wednesday that it has changed its name to GuildMaster Inc. GuildMaster was previously the name of a Decorize subsidiary.

"For years, the GuildMaster brand has been known throughout the industry for its compelling hand-crafted designs and Old World custom finishes," company CEO Steve Crowder said in a news release. "Officially changing our name ... allows us to capitalize on the goodwill associated with the GuildMaster brand."

In addition to the new name, the company also got a new stock ticker symbol; it now trades on the over-the-counter Pink Sheets system as GLDU.

The company also finished a recapitalization, which allowed GuildMaster to get rid of more than $3 million in debt and all of GuildMaster's outstanding preferred stock in exchange for equity. That move coincided with a one-for-five reverse split of the company's common stock, effective Wednesday.

"The capital infusion and the conversion of $3 million of debt and all of our outstanding preferred stock to equity ... positions the company as a leading competitor ... in the home furnishings and accessories industry," Crowder said. "We anticipate our fiscal year 2010, which ends June 30, 2010, will be our most profitable year ever."

The move comes at the same time that GuildMaster announced its financial results for fiscal 2009, which ended June 30; the company posted $9,000 in net income, marking the first annual profit in the company's history.