BAKERSFIELD, CA -- (MARKETWIRE) -- 06/27/07 -- Extreme Motorsports of California, Inc. (PINKSHEETS: ETMO) ("Extreme" or the "Company") 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.
"As far as our plans to move to a higher level trading platform are concerned, upon completion of our 2006 audit process we intend to file a Form 10 Registration Statement with the SEC to become a Reporting company and file applications with NASD to begin trading on the OTC Bulletin Board. We believe the increased visibility of the OTCBB will be beneficial to our shareholders by driving additional coverage of our stock in new markets and with new investors.
"We continue to receive positive feedback from customers and shareholders alike, across nine countries at last count, and look forward to delivering greater shareholder value in the coming years," continued McCaa.
About Xtreme Motorsports of California, Inc.
Xtreme Motorsports is a manufacturer of custom and production line sandrails, desert and dual sport racecars. Founded in 1983, Xtreme's sandcars have been sold to customers in England, the United Arab Emirates, Australia, South America and the US. For more information, visit the corporate web site www.xmssandcars.com.
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
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