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RushNet Inc.: RushNet Accepts New Deal Signs A Private Placement Agreement.




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Tue May 02 03:36:42 2006 EST
Blue Island, Illinois, May 02, 2006 (M2 PRESSWIRE via COMTEX) --
Robert Corr, President of RushNet, Inc. (Pink
Sheets: (RSHN.PK), has agreed today to accept the offer made by Michael
Lynch of Lynch Partners One, LLC to purchase a 30% stake in the company
in return for restricted shares. This signed agreement gives RushNet,
Inc. a cash infusion of $615,000 plus an additional commitment for
inventory capital of $2.4 million, for a total of over $3,000,000 to
RushNet, Inc.
Robert Corr and the RushNet management team will hold restricted shares
totaling 32%, with the public free trading shares totaling 38% of the
stock. The stock issued to Lynch has been placed into an escrow account
with a closing scheduled in about two weeks.
As, Robert Corr stated: "This new ground in capital financing will
secure the company's inventory needs for all the new items planned for
introduction by this fall. Our larger retailers require firm inventory
levels to be maintained at all times, and as a company, we have gained
a valuable partner who's expertise in raising large amounts of capital
will assist us in our future expansion plans. I feel confident in the
strategic plan that Michael Lynch and I have developed to grow
RushNet's brands on a worldwide scope."
Michael Lynch added, " This will be the beginning of a highly visible
beverage company, and I'm looking forward to launching some our branded
beverages in the national beverage arena."
Michael Lynch and Robert Corr, as mentioned in a previous press
release, are in the process of purchasing a regional brewery that will
use RushNet to market the brands worldwide. Newly re-designed products
will be introduced this summer and the fresh labels will be unveiled in
the coming weeks to stockholders.
RushNet Inc. is the licensed marketing agent for Rush Beverage Company
products and brand owner of e-water(TM). www.enjoytherush.com
Disclaimer: The Company relies upon Safe Harbor Laws of 1933, 1934 and
1995 for all public news releases. Statements, which are not historical
facts, are forward-looking statements. The company, through its
management, makes forward-looking public statements concerning its
expected future operations, performance and other developments. Such
forward-looking statements are necessarily estimates reflecting the
company's best judgment based upon current information and involve a
number of risks and uncertainties, and there can be no assurance that
other factors will not affect the accuracy of such forward-looking
statements. It is impossible to identify all such factors. Factors
which could cause actual results to differ materially from those
estimated by the company include, but are not limited to, government
regulation; managing and maintaining growth; the effect of adverse
publicity; litigation; competition; and other factors which may be
identified from time to time in the company's public announcements.
CONTACT: Robert Corr, RushNet, Inc.
Tel: [phone]
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