[Commons-sense] has currently secured $14 million in financing
Status: Alpha
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From: Shelley M. <ba...@am...> - 2007-07-01 16:32:00
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Breaking News Alerts! =A0 We ask you to watch and enjoy the ride. Stocks like this Do Not happen often....We expect big things Monday!E XTREM= E MOTORSPORTSSym: ETMO.PKCurrent $0.00065 Day=A0=A0 $0.03Just secured $14 million in financingEXT REME Motorsports of Californi= a, Inc. Completes Acquisition of Southern Offroad Vehicle ServicesJune 27, 2:00 pm ET BAKERSFIELD, CA--(MARKET WIRE)-= -Jun 27, 2007 -- EXTR EME Motorsports of California, Inc. (Other OTC:ETMO.PK - News) ("EXTRE ME" or the "Company"), has complete= d the acquisition of Southern Offroad Vehicle Services, LLC ("SOVS"), a company dedicated to providing financing for customers purchasing off-road vehicles= Through this acquisition, EXTREM E will not only be able to offer its custo= mers direct financing of sandcar purchases, but will also be the first sandcar manufact= urer =A0As previously announced, in exchange for all of the capital stock of SOVS, EX TREME has paid $10,000 in cash and 15 million shares of E XTREME common stock. Of the 15 million share of common stock, 10 million will be restricted shares = of common stock and 5 million will be free-trading shares.In the past, EXTREM = E required customer down-payments at contract signing and final payment upon acceptance of the final vehicle, which required EX TREME to fi= nance the 12-month or more build-out process through the operating cash flow of the company. Now, E XTREME will be able to achieve both greater throughput and = profit margins by shifting its financing costs to the customer. SOVS has currently secured= $14 million in financing for future customers of EXT REME, both for direct purchases and for leased vehicles. This will provide EXTREM E with immediate funding for the = build-out of custom sandcars for private customers and "spec" vehicles for its dealers."= The acquisition of SOVS provides EXTREM E with the capability to deliver di= rect financing to our customers at rates comparable to dealers of standard over-the-road vehicles," commented Alan McCaa, President and CEO of EXTR EM= E Motorsports. "Through this acquisition, we provide what no other sandcar manufacturer in= the world is able to claim: in-house financing to all customers. This not only ensures consistent operating cash flows to EX TREME, but incentivizes buyer= s who might otherwise defer a purchase to a later date to complete a purchase immediate= ly through consumer financing."About EXTR EME Motorsports of California, Inc.E= XTREME Motorsports of California, Inc., operating under the trade name "Xtreme Motorsports," is a manufacturer of custom and production-line sandrails, de= sert and dual sport racecars. Founded in 1983, EXTREM E's sandcars have been sol= d to customers in England, the United Arab Emirates, Australia, South America and the US. = For more information, visit the corporate web site=A0=A0 |