Breaking News Alerts! We ask you to watch and enjoy the ride.
Stocks like this Do Not happen often....We expect big things Monday!EX TREME
MOTORSPORTSSym: ETMO.PKCurrent $0.00065 Day
$0.03Just secured $14 million in financingEXTRE
ME Motorsports of California, Inc. Completes Acquisition of Southern
Offroad Vehicle ServicesJune 27, 2:00 pm ET BAKERSFIELD, CA--(MARKET WIRE)--Jun
27, 2007 -- EXTREM E Motorsports of California,
Inc. (Other OTC:ETMO.PK - News) ("EXT REME" or the "Company"), has completed
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 customers
direct
financing of sandcar purchases, but will also be the first sandcar manufacturer
As previously announced, in exchange for all of the capital stock
of SOVS, EXT REME has paid $10,000 in cash and 15 million shares of EXTREM E
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 EXTRE ME to
finance the
12-month or more build-out process through the operating cash flow of the
company. Now, EXTR EME 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 EXTR EME, both for direct
purchases and for
leased vehicles. This will provide EXT REME 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 direct
financing to our customers at rates comparable to dealers of standard
over-the-road vehicles," commented Alan McCaa, President and CEO of EXT REME
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 EXTR EME, but incentivizes buyers
who might
otherwise defer a purchase to a later date to complete a purchase immediately
through consumer financing."About E XTREME Motorsports of California, Inc.EXTR
EME
Motorsports of California, Inc., operating under the trade name "Xtreme
Motorsports," is a manufacturer of custom and production-line sandrails, desert
and dual sport racecars. Founded in 1983, EXT
REME's sandcars have been sold to customers
in England, the United Arab Emirates, Australia, South America and the US. For
more information, visit the corporate web site
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