Saleen Automotive Releases First Quarter Results
CORONA, Calif., Aug. 15, 2013 /PRNewswire/ -- Saleen Automotive, Inc. (OTCQB: SLNN) (the "Company"), an American specialty manufacturer of high performance vehicles, technical performance parts, lifestyle accessories and apparel, is pleased to provide the market with its first quarter financials for the period ending June 30, 2013. The full 10Q filing is available on the SEC's website http://1.usa.gov/1cNCnmi
First quarter revenue increased to $909,561 from $78,499 recorded in the comparable period in 2012, an increase of 1058%. Net loss for the quarter ended June 30, 2013 was $2,443,244, which included $365,547 of one-time expenses related to the reverse merger transaction and an increase in operating expense of $1,264,946 over the comparable period in 2012. As the company recently became public, the expenses of operating the business have predictably increased.
On June 26, 2013, the company acquired its operating business upon the completion of a reverse merger transaction. At the closing of the reverse merger transaction the Company raised $3.0 million (including the conversion of $500,000 of existing notes) through its issuance of senior secured convertible notes to accredited investors in a private placement. The proceeds of the capital raise are being used to fund operations, retire debt, and provide growth capital.
"We are pleased to provide our financials to the investing public and to show the demonstrable growth in the sales of Saleen parts and vehicles," stated Steve Saleen, CEO, Saleen Automotive. "We have worked diligently to provide compelling products for the automotive sector, to establish effective and elegant sales channels and to market our brand as aggressively as possible. The infusion of capital from our investors will help fuel the growth of the Company and enable us to develop new product lines for our customers."
Saleen uses the following outlets to provide updates from time to time to the public regarding its business and operations:
Company website: www.saleenautomotive.com.
About Saleen Automotive, Inc.
Saleen is an American specialty manufacturer of high performance vehicles, technical performance parts, lifestyle accessories and apparel. Founder Steve Saleen has continually set the bar for automotive design and performance engineering in both street and racing applications. Saleen plans to utilize its existing strategic partnerships and dealer network to refine its design and engineering prowess, continue development of emerging automotive technologies, and expand its presence nationwide with a combination of automotive retail services, aftermarket parts and new vehicle sales to build significant long-term value. Learn more at www.saleenautomotive.com.
Safe Harbor Statement
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Saleen Automotive, Inc., its directors or its officers with respect to, among other things: (i) product plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Saleen Automotive, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Saleen Automotive, Inc.'s filings with the Securities and Exchange Commission.
SOURCE Saleen Automotive, Inc.