Extreme Motorsports of California, Inc. (ETMO.PK) reports that it has closed out its sale of securities to accredited investors that were exempt from registration under Rule 504 of Regulation D under the Securities Act of 1933.
As previously announced, the Company has sold approximately $450,000 of its securities under Rule 504.
In addition, Extreme is in the process of completing an audit of its first fiscal year since becoming a publicly traded company.
As Xtreme has implemented streamlined ordering and delivery, professionalized its engineering and manufacturing, and grown into new markets and customer segments, the Company has also made efforts to provide to shareholders greater transparency regarding its financial results.
Currently, the Company’s certified public accountants are making preparations to close out and audit the fiscal year ended March 31, 2007. Once completed, the Company will post the financial statements on the financial reporting system on the Pink Sheets web site for shareholders to download.
Extreme’s management will comment in greater detail once the financial results for the year are available.
“2006 was an important year in Xtreme’s 24-year history,” commented Alan McCaa, President & CEO of Xtreme Motorsports. “Not only have we taken the company public and established ourselves as the world’s only publicly traded sandcar manufacturer, we’ve built a new assembly facility, developed new tooling, and revamped our back-office systems.
We’ve also rolled out two new sandcar models, the Sandmaster and the Sportster MT, and have a significant, multi-million dollar project to complete throughout the remainder of the year.
Taken together, all of these factors have contributed to greater buying power and commensurate increases in profit-per-car and decreases in delivery times for essential raw materials and parts.
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