United States Basketball League, Inc. (OTC-BB: USBL), the only publicly-traded sports league, is rumored to be in the process of closing on the addition of three new franchise teams for the 2008 season. The addition of these franchises will generate 6 figure revenues PER contract, and it is also rumored that the company is in negotiations with 2 other potential franchise owners!
There are approximately 3.5 million shares of company stock issued and outstanding per the attached PR below. What the press release does not tell you is that 3 million of those shares are owned by insiders, who appear to have been adding to their positions as of late. This equates to a very limited supply of shares (around 400K) available in the tradable float available to the public. Being that there are so few shares available for public consumption, any type of major news release will send the share price through the roof. It is simple economics: supply vs. demand. When the investor demand becomes greater than the supply of ~400K shares available, USBL’s stock price will have no choice but to increase.
Our near term price target is conservatively set at $2.25.
USBL’s Recent Press Release:
USBL Expanding Toward 2008 Season 10:05a ET October 18, 2007 (PR NewsWire) United States Basketball League, Inc. (OTC Bulletin Board: USBL) is pleased to announce it has appointed Mr. Al Mayles as Executive League Coordinator. Mr. Mayles will be devoting his time to dealing with new franchise owners for the 2008 season. USBL's Chief Executive Officer Daniel Meisenheimer III commented, "Al Mayles has been the league referees' Chief of Staff for the past four years and because of his tenured success and abilities his role has been expanded. The league will be announcing developments for 2008 over the next few months."
About United States Basketball League, Inc.:
The USBL is a 23 year old professional basketball league and the first and only publicly traded sports league. Currently, United States Basketball League, Inc. has 3,522,502 outstanding shares of common stock and is traded on the NASDAQ Over-the-Counter Bulletin Board under the ticker symbol 'USBL.' For more information on the USBL's history and future expansion plans, visit www.usbl.com online or call the USBL league office at 203-877-9508.
Safe Harbor Act Disclaimer: This release may contain forward-looking statements that involve risks and uncertainties including, without limitation, continued acceptance of the company's products and services, increased levels of competition, new products and technological changes, the Company's dependence upon financing, third party suppliers and intellectual property rights, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum or prospectus.
CONTACT: Jacob Gordon Director of Public Relations 203-877-9508 203-878-8109 (FAX) www.usbl.com
SOURCE United States Basketball League, Inc.
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