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Wednesday, July 11, 2007 8:35:35 AM
BAKERSFIELD, CA, Jul 11, 2007 (MARKET WIRE via COMTEX) -- Extreme Motorsports
of California, Inc. (PINKSHEETS: ETMO) ("Extreme" or the "Company") is pleased
to announce that its Southern Off-Road Vehicle Services ("SOVS") division has
launched a national campaign to provide consumer financing to a wide variety of
retailers, including customers of Extreme, through GE Money, the consumer and
small-business financial services unit of General Electric.
This unique program provides small businesses with the ability to offer branded
charge cards to its customers at reasonable interest rates with credit standards
fixed at levels to ensure an 80% approval rate. The financing is available to
Extreme's current customers, with SOVS now processing applications for several
small-business retail participants. Extreme anticipates signing 1,000 retailers
through the remainder of 2007 and 10,000 through 2009. Extreme estimates
potential revenue generated by retailer sign-ups of $3.5 million through the end
of 2007.
SOVS selected GE Money as its partner given the financial services firm's
reputation, its expansive base of more than 118 million customers and nearly
unlimited capabilities in extending consumer credit. Currently, there is no
limit to the financing GE Money will provide under this program.
Extreme had previously reported a maximum of $14 million in financing to its
customers only, but has expanded the program to target one-of-a-kind retailers
offering furniture, clothing, signage, and SCUBA equipment, among others, as
part of the financing program roll-out.
"The development this program through GE Money, a globally-recognized financial
services firm, allows Extreme to amalgamate its manufacturing, marketing and
sales capabilities with effective consumer financing. Now, we're able to bridge
the gap between a customer's access to capital and a company's cash management,"
commented Alan McCaa, President and CEO of Extreme Motorsports. "Securing the
relationship with GE Money and launching the national campaign underscores
Extreme's commitment to rapid growth and increasing shareholder value.
"For the participants in the program, not only does it offer competitive
interest rate options for consumers, but it also provides retailers with the
ability to more effectively manage cash and inventory as a result of the 48-hour
funding of the full customer purchase. Anyone who has managed a small business
can appreciate the impact a 48-hour receivable turnover has on the company's use
of assets," McCaa continued.
For many businesses offering high dollar value products and services, there is
often a difficult balance between offering credit to "ensure the sale" and risky
credit policies that ultimately result in non-payment by customers who become
over-extended. Through the SOVS program, businesses now have the ability to
evaluate credit risk, as well as benefit from greater throughput and profit
margins by shifting the financing costs of the product or service to the
customer.
About Extreme Motorsports of California, Inc.
Extreme Motorsports of California, Inc., operating under the trade name "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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Contact:
Investor Relations
661.310.7880
Email Contact
SOURCE: Xtreme Motorsports of California, Inc.
CONTACT: http://www2.marketwire.com/mw/emailprcntct?id=C83A493A85779897
Copyright 2007 Market Wire, All rights reserved.
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SUBJECT CODE: Automotive:Other passenger vehicles
Financial Services:Personal Finance
Sports:Equipment and Accessories
Lifestyle and Leisure:Recreation
Financial Services:Venture Capital
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