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Extreme Motorsports of California is one of our highlighted companies this month. The company is a manufacturer of custom and production-line sandrails, desert and dual sport racecars. Founded in 1983, Extreme's sandcars have been sold to customers in England, the United Arab Emirates, Australia, South America and the US.
In our client’s news today,
Extreme Motorsports announced that it is preparing to close out and audit the fiscal year ended March 31, 2007. Once completed, the company will publish the financial statements on Pink Sheet’s website for shareholders to view. More insight will be given after the financial results for the year are available.
The President and CEO of Extreme Motorsports commented, “2006 was an important year in Xtreme’s 24-year history. Not only have we taken the company public and established ourselves as the world’s only publicly traded sandcar manufacturer, we’ve built a new assembly facility, developed new tooling, and revamped our back-office systems. We’ve also rolled out two new sandcar models, the Sandmaster and the Sportster MT, and have a significant, multi-million dollar project to complete throughout the remainder of the year. Taken together, all of these factors have contributed to greater buying power and commensurate increases in profit-per-car and decreases in delivery times for essential raw materials and parts."
He continued to say, “As far as our plans to move to a higher level trading platform are concerned, upon completion of our 2006 audit process we intend to file a Form 10 Registration Statement with the SEC to become a Reporting company and file applications with NASD to begin trading on the OTC Bulletin Board. We believe the increased visibility of the OTCBB will be beneficial to our shareholders by driving additional coverage of our stock in new markets and with new investors.”
In conclusion, he mentioned that the company is continually receiving positive feedback from both customers and shareholders, and plans to deliver greater shareholder value in the coming years.
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