PINR just release another press release! Very Nice indeed.
Pine Ridge Holdings Projects ServeNation First Year Revenues Could Top $45 Million Market Wire "US Press Releases "
FORT WAYNE, IN -- (MARKET WIRE) -- 05/19/08 -- Pine Ridge Holdings, Inc. (PINKSHEETS: PINR) -- Kevin May, CEO, today announced further details surrounding the previously announced acquisition plans with ServeNation, LLC , an on-line fund raising organization.
"I have had experience in several different industries and markets; however, the opportunity that has presented itself with a company whose value is a multiple of gross revenue is one of the most interesting. ServeNation has perhaps the most unique income vertical that I have ever seen. The terms of the agreement calls for PINR to acquire up to 42% of ServeNation," explained May.
May continued, "Working with non-profits who need to raise funds (and all do), ServeNation has created an ever expanding, personalized 'store' that allows their passionate supporters to make on-line purchases where a percentage of each sale is returned to the non-profit."
"It is a simple concept, but there are several unique parts. ServeNation creates the web portal which is given to non-profits free of charge. This creates a very high close rate for adding clients. Most will put a link on their own websites to drive traffic to 'their' store, typically to purchase gift cards that then can be used for any number of purchases. As the products (currently gift cards) are sold at the same cost as if they were purchased at the retail stores direct, there is no barrier for those using the non-profit's 'store.' In fact, the public can buy the gift cards online with credit cards, earning points as the gift cards are purchased. Supporters can then 'purchase with purpose' moving dollars to their favorite non-profits without spending additional dollars," stated May.
"The religious equivalent to ServeNation (MinistryHome) added nearly 100 stores in six months. Each store attempts to get 60 supporters to spend $250 per month in the store (gas and groceries alone can be much more than that). Using the MinistryHome model, 100 stores would produce $18 million in revenue and more than $67 million in value based on potential gross revenues. To date there are seven independent contractors working for ServeNation and non-religious non-profit organizations are more numerous and larger than religious non-profits. Each new non-profit store and each new customer will add potential future value to PINR as the company will also receive a percentage of all purchases. ServeNation's goal by 12/31/08 is 500 orders per day which would be potentially $45 million in annual revenue and a $171 million valuation if valuations are based on gross revenue. For a more detailed explanation of this program, please visit www.servenation.com," concluded May.
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. 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 necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.
Contact:
Kevin L. May
