PENNSAUKEN, N.J.--(BUSINESS WIRE)--Power Sports Factory, Inc. (OTCBB:PSPF - News) announced the formation of an alternative transportation division named “CleanRide ™”. This newly launched division will provide sustainable transportation solutions to municipalities and transit agencies, property managers and real estate developers, colleges and universities, hotels, parks and other transportation related businesses.
We intend to plan, develop, distribute and operate "CleanRideSoftware" and solar powered "CleanRideStations", enabling both bicycle and scooter sharing to be an integral part of the transportation system. We intend to partner with major car sharing companies to facilitate our core product offerings. Our services will include sustained transportation consulting and customized solutions development, software licensing, equipment manufacturing and distribution.
The initial focus of the division will be on bicycle sharing, which is an emerging form of environmentally friendly public transportation that is growing at a significant pace. The number of bike sharing programs worldwide nearly doubled over the last 12 months, according to research information provided by CityRyde, LLC. Continued growth is expected primarily due to increased environmental impact awareness, increased usage of public transit systems and greater need for decreased traffic congestion.
"This is an exciting opportunity and could provide us with the ability to expand our revenue base,” said Steve Rubakh, President of Power Sports Factory. "Denver, San Francisco, Chicago, Philadelphia, Phoenix, Minnesota are considering Bike Sharing Programs. Just a few months ago, NYC Dept of City Planning released a Feasibility Study describing a city wide Bike-Share Opportunity in New York City and estimating the cost for initial stage to be $58 million.”
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.
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