Renegade Completes $3,264,000 Financing with Barron Partners, LP
Wednesday May 26, 6:45 am ET
TUCSON, Ariz.--(BUSINESS WIRE)--May 26, 2004--Renegade Venture (NEV.) Corp. (OTCBB: RDVN - News) today announced that it has raised $3,264,000 through a private placement with Barron Partners, LP. Under the terms of the private placement, Barron Partners purchased restricted common stock at a price of $.34 per share, and for each share purchased received .75 warrants to purchase an additional share at $.68 per share plus .75 warrants to purchase an additional share at $1.36 per share. If all of the warrants are exercised at their full purchase price, Barron Partners will acquire a total of 24,000,000 shares of Renegade common stock in exchange for a total of $17,952,000 in equity funding. The company intends to use the proceeds of the private placement for working capital and for the acquisition of compatible aviation-related companies.
John Sawyer, president and chief operating officer of Renegade, commented, "Over the last two years we have been able to grow the annual revenues and steadily improve the profitability of the company despite a lack of adequate capitalization. Now that Barron Partners has stepped in and provided the needed capital, all of us on the management team are very confident and tremendously excited about the future of this company."
Renegade Chairman and Chief Executive Officer Ian Herman remarked, "We are extremely pleased to be associated with such a successful equity fund as Barron Partners. We view this investment by Barron Partners as a validation of our vision, business model and management team. All of us at Renegade Venture and Hamilton Aerospace Technologies are totally committed to making the best use of this financial opportunity to build substantial value for our shareholders."
About Barron Partners, LP
Barron Partners, LP is a New York-based private investment partnership that specializes in investing in micro-cap public companies.
About Renegade Venture
Through its Hamilton Aerospace subsidiary, Renegade provides maintenance, repair and overhaul (MRO) services for large passenger jet aircraft to scheduled and charter airlines and aviation leasing companies. Hamilton Aerospace holds a Federal Aviation Administration (FAA) Part 145 Air Agency Certificate, which allows it to perform such services. Hamilton operates from facilities comprising about 21 acres located at Tucson International Airport. These facilities include hangars, workshops and other buildings. Notable Hamilton customers include Jetran International, United Parcel Service, a Boeing Co. joint venture, Goodrich Corp., DHL Worldwide Express, Pegasus Aviation, Ryan International Air, Space World and Falcon Air Express.
Renegade's member Web site is located at www.renegadeventurecorp.com. The Hamilton Aerospace Web site is located at www.hamaerotech.com.
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