PINR: Press Release-- More news to come.
Pine Ridge Holdings Announces Merger With On-Line Fund-Raising Organization
11:41a ET May 19, 2008 (Market Wire)
Pine Ridge Holdings, Inc.'s (PINKSHEETS: PINR) CEO, Kevin May, announced today that terms have been agreed upon for the merger with a high growth company -- ServeNation, LLC. ServeNation, LLC is privately held with less than 25 shareholders serving non-profit fund-raising needs.
May stated, "We are thrilled that this door has been opened and we intend to take full advantage of this unique opportunity. To me, the most exciting part of this company is its on-line fund-raising tool."
May continued, "In today's economy the ability to move funds to non-profit organizations without spending new dollars is a powerful thing. In our research, we have not been able to find a similar on-line effort anywhere in the country and believe that we are on the cutting edge of something potentially great. We will be sharing more about the initiative with ServeNation and the valuation estimates in the near future. ServeNation is only the first of many initiatives that I expect to announce. There will be others as soon as we are able to shift attention away from this one. We simply could not let this opportunity slip by, so I moved all of my attention to ServeNation."
ServeNation and its affiliated websites have served non-profits and non-profit workers throughout the world for the past five years. MinistryHome, the original website, was created in 2003 to serve religious non-profits through websites and social communities. It expanded into fund-raising tools in 2007. With the success of these tools, ServeNation was born to assist the non-religious non-profit market. ServeNation provides inexpensive, easy-to-use websites, social communities and fund-raising tools enabling non-profits to keep in contact with their supporters, raise funds and network in ways never before experienced. Since other social networking sites tend to be 'ego-driven,' many non-profits are hesitant to sign up on them. ServeNation offers a safe and purpose-driven alternative, along with some of the most unique fund-raising tools available today. Friends and supporters can keep up with the non-profits they support by receiving automatic updates, and using the fund-raising tools provided. It is a privately held, online social community working exclusively with U.S.-based non-profits.
"Finally, ServeNation.com carries with it all of the advantages of a traditional dot com -- including, most importantly from my perspective, an incredible potential valuation multiple of 3.75 times gross revenues. It would be easy to make comparisons to other high value social communities such as MySpace and Facebook. However, let me clearly communicate that although we do see significant value in the social community and website hosting parts of ServeNation, our research has shown a much greater value in another part of the company, to be discussed in the near future. I do believe that we are on the cutting edge of something great and are excited at how quickly PINR is building its asset and revenue base. For more information about ServeNation please visit www.servenation.com," concluded May.
