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Completes Letter of Intent to Acquire Southern Offroad Vehicle Services Marketwire (Tue, May 29) EXT REME Motorsports of California, Inc. Through this acquisition, EXTREM E will not only be able to offer its customers direct financing of sandcar purchases, but will also be the first sandcar manufacturer As previously announced, in exchange for all of the capital stock of SOVS, EXT REME has paid ,000 in cash and 15 million shares of EXTREM E common stock.
Confirms Symbol, CUSIP Change and Trademark Protection Strategy Marketwire (Mon, May 21) ------------D3674BFDA05136 Content-Type: text/html; charset=windows-1250 Content-Transfer-Encoding: 7bit Breaking News Alerts! Of the 15 million share of common stock, 10 million will be restricted shares of common stock and 5 million will be free-trading shares.
In the past, EXTREM E required customer down-payments at contract signing and final payment upon acceptance of the final vehicle, which required EXTRE ME to finance the 12-month or more build-out process through the operating cash flow of the company.
Now, EXTREM E will be able to achieve both greater throughput and profit margins by shifting its financing costs to the customer.