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I stumbled into this penny stock and IMHO it has huge potentials. TrackPower Acquires Interest in Armstrong Bros NEW YORK, Mar 1, 2002 (BUSINESS WIRE) -- TrackPower, Inc. announced today that it has joined a group of private investors to acquire all the shares of Armstrong Holdings (Brampton) Limited. Operating as Armstrong Bros, with their well-known trade name Armbro, the company has been a leading breeder of standardbred horses for 50 years. Armstrong's industry leadership position is a reflection of the size and strength of its operations: 36 stallions (shared ownership/breeding rights), approximately 180 broodmares, over 100 yearlings annually, 1,100 acres of prime farmland complete with custom built facilities and equipment, interest in two significant horse sale companies and a strong racing stable. A long-serving highly respected management team guides the operation. This management team has continued the industry leadership position started by the founding Armstrong Bros and continued by the Armstrong family in terms of both industry involvement and advanced breeding techniques. TrackPower has been involved in several areas of the HorseRacing Industry. The expertise of the TrackPower management team will assist the other partners in the future growth and profitability of Armstrong's. TrackPower will be the largest single owner holding approximately 40% of the company's common stock. In addition, TrackPower will acquire for cash at closing, 100% of the existing broodmare band, their foals of 2002 along with all the stallion shares. This should provide TrackPower with a significant revenue stream for the foreseeable future. The horses acquired will continue to be located at the Armstrong facility and be cared for and managed by Armstrong personnel. John Simmonds, TrackPower's Chief Executive Officer stated, "we are very excited about this opportunity. TrackPower is playing a key role in this endeavor and we expect an excellent return on our capital." TrackPower currently trades on the NASDAQ Bulletin Board under the symbol TPWR. This release includes projections of future results and "forward-looking statements" as that term is defined in Sections 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statement of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release. CONTACT: TrackPower, Inc. John G. Simmonds, 905/833-3838 ext. 223 | ||||||||||||
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