PINR has some nice news today!! Everyone pick up those cheapies?
Pine Ridge Holdings, Inc to Acquire 100% Control of ServeNation
16 minutes ago - Market Wire
Related Companies
Symbol Last %Chg
PINR 0.0010 0.00%
As of 12:00 AM ET 5/28/08
Pine Ridge Holdings, Inc (PINKSHEETS: PINR) CEO Kevin May, announced today that additional negotiations with the majority owner of ServeNation culminated in the joint agreement for PINR to acquire 100% control of ServeNation.
"After further negotiations, ServeNation management decided that there would be strategic benefits for both parties to complete a transaction in which ServeNation will move completely under Pine Ridge Holdings," stated May.
May continued, "I am very pleased for PINR shareholders that our Company was able to negotiate mutually agreed upon terms under which ServeNation would move fully under PINR. I believe this will be a very strategic move for our Company and a value added asset for our shareholders. All technology rights, revenues and operations will be under the control of PINR. I am very optimistic that PINR has taken advantage of this unique opportunity at the right time and the future will be very bright."
"As stated in earlier releases, I believe our current goal of 500 orders per day is very attainable and probably on the conservative side. The current independent contractors look like they will easily surpass the 12/31/08 goal of 500 orders per day. Based on historical data, yearly revenues could well exceed $45 million. With PINR coming onboard to ServeNation from an operational standpoint, I believe we will be able to rearrange some of the effort and make things operate in an even more efficient and productive manner," May further stated.
"Our research has shown that other business models such as ServeNation are carrying valuations in excess of 3 times total gross revenues. The initial goal of 500 orders per day will give a potential market valuation in excess of $150 million. This is why we are so excited to have ServeNation be part of PINR and is a major event for the future growth potential of Pine Ridge," 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.
News 
Market Data 
Discover 
AI
