Newriders Merger With Paisano and El Paso Bar-B-Que Approved by Shareholders;
Company Approved for Listing on American Stock Exchange
NEWPORT BEACH, CALIF. (Sept. 22) BUSINESS WIRE -Sept. 22,
1998--Newriders Inc. (OTC BB:NWRD) said today that its shareholders had
overwhelmingly approved the mergers with Paisano Publications Inc. (and
its affiliated companies) and the El Paso Bar-B-Que chain of
restaurants.
Upon consummation of the reorganization, scheduled for Sept. 23, 1998,
the reorganization will result in a new, publicly traded company named
Easyriders Inc., and shareholders of Newriders Inc. will exchange their
stock for Easyriders Inc. on a two-for-one basis, i.e., two shares of
Newriders Inc. for one share on Easyriders Inc. The new company will
have pro-forma revenues for the six months ending June 30, 1998 of
slightly over $22 million, according to documents filed with the
Securities and Exchange Commission.
The company also announced that Easyriders Inc. has been accepted for
trading on the American Stock Exchange, beginning later this week,
under the symbol EZR.
Bill Prather, chief executive officer of Newriders and Easyriders,
commented, "This is a landmark event for all of us. Our shareholders
have given us a big vote of confidence, and our presence on the
American Stock Exchange puts us in elite company. Now we begin the
real work of growing the tremendous business base established over the
last 27 years by Joe Teresi and his team.
"Easyriders Inc. is a powerful communications and retail company,"
Prather added. "Our market is comprised of all those individuals and
groups who participate, actively, passively, or vicariously, in the
sport of motorcycling. We'll provide an increasingly broad array of
products and services to that market through our publishing and media
activities, through a growing network of franchisees that sell
motorcycles, accessories, apparel and other items, through a planned
nationwide chain of El Paso Bar-B-Que and Easyriders Roadhouse
Bar-B-Que restaurants, and through a very active series of motorcycle
related events such as motorcycle shows, rodeos, and participation in
other major sports events.
"What we really have is a great name, and we intend to build on that
name to create an international brand that communicates the freedom,
fun and excitement of motorcycling."
Statements made in this news release that relate to future plans,
financial results or projections, events or performance are
forward-looking statements within the meaning of Section 27A of the
Securities Exchange Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and fall under the safe
harbor. The company's actual results and financial position could
differ materially from those anticipated in the forward-looking
statements as a result of a number of factors, including but not
limited to: successful execution of the company's expansion plans,
impact of competition, the availability of additional financing and
other risks.
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CONTACT: Newriders Inc.
Bill Nordstrom, 949/718-4630
KEYWORD: CALIFORNIA
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