LevelStock.com: Power Sports Factory Announces Retirement of $1,279,851 in Liabilities and $260,000 in Equity Investment
Feb 8th 2010, Braintree, Ma. LevelStock.com is pleased to announce to all of its members and investors information on Power Sports Factory, Inc. (OTCBB:PSPF). The Company released news as follows:
Power Sports Factory, Inc. (OTCBB:PSPF), the exclusive importer and distributor of fuel efficient motorbikes and scooters under Andretti and Benelli brands, announces that it has significantly improved its Balance Sheet by reducing its liabilities by $1,279,851 and has received $260,000 in exchange for equity since October 23rd, 2009.
“We are very pleased that our Investors, Vendors and Manufacturing Partner are willing to take common stock in exchange for their outstanding balances,” said CEO Shawn Landgraf. ”It is truly a testament to their belief in our organization and the bright future of Power Sports Factory.”
Shawn Landgraf adds, “We believe that these debt conversations were executed in the best interest of the PSF and structured to resolve company payables and clean up the balance sheet. These moves we believe have made Power Sports Factory a more attractive company to the investment community and we fully anticipate successful negotiations for an infusion of additional investment capital in the 1st quarter of 2010.”
Power Sports Factory, Inc, (OTCBB:PSPF) imports, markets and distributes motorbikes principally under the “Andretti,” “Benelli” and “Yamati” brands. Additional information is available on the Power Sports Factory website at http://www.powersportsfactory.com and http://www.sec.gov. Power Sports Factory’s line combines top performance, competitive pricing and cutting-edge European designs by Benelli, prestigious designer and manufacturer of some of the best motorcycles in the world. The Benelli line is known for its high-quality construction and superior styling, making it the smart choice for consumers. With today’s volatile price of fuel, motorbikes are a smart alternative for people looking for superb gas mileage.
The Power Sports Factory, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6670
BikeShareSource™ is the company’s recently launched Alternative Transportation Division. This new division markets Bike Sharing Systems to municipalities and transit agencies, property managers and real estate developers, colleges and universities, military institutions, hotels, parks and other transportation related businesses. Additional information is available at http://www.bikesharesource.com.
“The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Factors that may cause actual results to differ materially from those expressed or implied by its forward-looking statements include, but are not limited to, Power Sports Factory’s limited operating history and business development associated with being a growth stage company; its dependence on key personnel; its ability to execute its business strategy; the intense competition it faces; risks associated with disruptions of its international supply chain; its exposure to product liability claims resulting from the use of its products; general economic and capital market conditions; its ability to raise additional capital; as well as those risks described under the heading “Risk Factors” of Power Sports Factory’s Form 10-K, filed with the Securities and Exchange Commission on April 15, 2009. Although Power Sports Factory believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct.”
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