PENNSAUKEN, N.J.--(BUSINESS WIRE)--Power Sports Factory, Inc., (OTCBB:PSPF - News) announced today that Dickson Holdings Limited (Hong Kong), the exclusive worldwide agent and distributor of Qianjiang Motorcycles and Benelli designed scooters, has acquired 4,604,428 common shares of Power Sports Factory by converting $252,310 of inventory that it has provided to the Company. Dickson Holdings Limited has also indicated that it would like to submit a candidate for consideration to take a seat on the Company’s Board of Directors.
“While this recent development significantly enhances our cash flow and balance sheet, it deepens our strategic alliance with our manufacturing partner,” said Powers Sports Factory‘s CEO Shawn Landgraf. “We are confident this will continue to strengthen our relationship over the long term and potentially add tremendous value to our Board of Directors.”
About Power Sports Factory, Inc.:
New Jersey based Power Sports Factory, Inc., is wholly owned by Power Sports Factory, Inc. (OTCBB:PSPF - News). Power Sports Factory imports, markets and distributes motorbikes principally under the “Andretti” and “Yamati” brands. Additional information is available on the Power Sports Factory website at http://www.powersportsfactory.com and www.sec.gov.
Power Sports Factory is the only company with motorbikes endorsed by racing legend Mario Andretti. The Andretti line combines top performance, competitive pricing and cutting-edge European design from Benelli. Benelli is the designer of some of the best motorcycles and motorbikes in the world. The Andretti/Benelli line is also 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.
About Dickson Holdings Limited
Dickson Holdings Limited is the exclusive distribution company of Qianjiang Motorcycles for its Benelli lines. Qianjiang Motorcycles, (“QJ”) is the second largest producer of motorcycles and scooters in China. In 2006, QJ acquired the well-respected Italian motorcycle designer and manufacturer, Benelli Motorcycles.
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; risk 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-KSB/A, filed with the Securities and Exchange Commission on August 18, 2008. Although Power Sports Factory, Inc. 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.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment