Wow this PR states servenation will bring in $45 million with a valuation of $170 million! FORT WAYNE, IN -- (MARKET WIRE) -- 05/22/08 -- Pine Ridge Holdings, Inc. (PINKSHEETS: PINR) CEO Kevin May, announced today that projections just in from two of the seven ServeNation independent contractors indicate that the goal will be reached much sooner than anticipated. In a previous announcement, May shared that a goal of 500 orders per day through the ServeNation site should produce $45 million in revenue and a valuation of $171 million. "Our initial goal may actually be a low estimate as fund raising for breast cancer awareness has started. Once fully engaged, the breast cancer store alone should provide in excess of 500 orders per day. The donation website http://www.thebreastcancersite.com/c...ive/home.faces reportedly gets on average 330,000 hits per day. If only .5%, of those looking to make a donation click on the 'Support Us with everyday purchases' http://www.servenation.com/cards/3139 that will be over 1,600 potential purchases made via ServeNation. The average purchase has been $100 each. Do the math... 1,600 (hits per day) x $200 (average purchase) x 365 (days per year) = $116,800,000 in total gross revenues. This is potential from just one Non-Profit organization. Additional stores are coming online daily and that growth will only exceed current goals," stated May May continued, "ServeNation's management is very optimistic that with PINR providing the support needed to take advantage of this unique opportunity, the future is very bright. I believe our current goal of 500 orders per day is very attainable and probably conservative. The current contractors look like they will easily surpass the 12/31/08 goal. PINR will be receiving a percentage of the all gross revenues. Our research has shown that other business models such as ServeNation are carrying valuations in excess of 3 times total gross revenues." "I believe this should explain why we are so excited to have ServeNation be part of PINR," concluded May.
CONTACT: Pine Ridge Holdings, Inc Kevin May 260-637-1551 Then there was this PR Pine Ridge Holdings Makes Announcement Concerning ServeNation Market Wire, January, 2009
Today, Pine Ridge Holdings, Inc. (PINKSHEETS: PINR) CEO Kevin May made an announcement concerning ServeNation and the company.
Within the past couple of weeks, ServeNation was informed by several gift card sources that there have been scams in the gift card industry involving pink sheet companies. Since PINR is a pink sheet company it makes it more difficult or in some cases impossible for gift card companies to provide ServeNation with cards. In fact, today, ServeNation stores are currently offering about 30 fewer choices of cards than just two weeks ago. May stated, "To ensure the survival and long term success of ServeNation, we will immediately be removing any information related to ServeNation from our website and ending our involvement with the company." Related Results
* Pine Ridge Holdings, Inc. Gives Further Details Concerning ServeNation Potential
May concluded, "This situation with ServeNation is extremely disappointing and has caused PINR to review its future plans. We have already begun investigating the requirements to become fully reporting. We are also looking at new holdings. Pine Ridge Racquet and Pine Ridge Fitness have had encouraging starts in 2009 despite the weak economy. PINR is a solid company and needs to be in a market of solid companies. These decisions have taken some time. PINR realizes that communication with its investors is important and hopes that its investors realize that silence during these past weeks was critical. We will be keeping our investors informed as we move up and begin open reporting. Please feel free to contact me with any questions."
Also please don't forget how long servenation has been around Pine Ridge Holdings Announces Merger With On-Line Fund-Raising Organization 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.
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