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EXT REME MOTORSPORTS
5 Day $0.03
Just secured $14 million in financing for future customers!
EXTR EME Motorsports of California, Inc. Completes Acquisition of Southern Offroad Vehicle Services
June 27, 2:00 pm ET
BAKERSFIELD, CA--(MARKET WIRE)--Jun 27, 2007 -- EXTRE ME 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, EXTREM E 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, EXTR EME 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, EXT REME 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 EXTREM E, 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 EXTR EME 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 EX TREME 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 E XTREME, but incentivizes buyers who might otherwise defer a purchase to a later date to complete a purchase immediately through consumer financing."
About EXTREM E Motorsports of California, Inc.
EX TREME 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, E XTREME'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
EXTREM E Motorsports of California, Inc. Completes Acquisition of Southern Offroad Vehicle Services
Marketwire (Wed, Jun 27)
EX TREME Motorsports Closes 504 Offering, Prepares to Complete Audit of Financial Statements and Move to Over-the-Counter Bulletin Board
Marketwire (Wed, Jun 27)
Alan McCaa, CEO and President of E XTREME Motorsports of California, Inc., is the Featured Guest in an Audio Interview at SmallCapVoice.com
Business Wire (Thu, Jun 14)
EXTREM E Motorsports of California, Inc. (ETMO) SqueezeTrigger Price is $0.0037. Approximately 279.9 Million Shares Shorted Since September 2006 According to BUYINS.NET Research Report
Marketwire (Mon, Jun 11)
EXTRE ME Motorsports of California, Inc. Initiates Stock Repurchase Program, Prepares to Close Out 504 Offering
Marketwire (Thu, Jun 7)
E XTREME Motorsports of California Receives Master Distributor Agreement for EXT REME Security Vehicles, Provides Share Structure Update
Marketwire (Thu, May 31)
EXTREM E Motorsports of California, Inc. Completes Letter of Intent to Acquire Southern Offroad Vehicle Services
Marketwire (Tue, May 29)
EX TREME Motorsports of California, Inc. Confirms Symbol, CUSIP Change and Trademark Protection Strategy
Marketwire (Mon, May 21)
Wednesday, November 07, 2007
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Thursday, August 30, 2007
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