Viper Powersports, Inc. Announces Notice of Balancing Default
AUBURN, Ala., Feb. 14, 2013 /PRNewswire/ -- Viper Powersports Inc. (OTCQB: VPWI) announced today that on February 13, 2013, Precious Capital LLC ("Precious") issued a notice related to the April 24, 2012 Loan and Security Agreement ("Agreement") between Viper Motorcycle Company ("Viper") and Precious. The notice stated that a Balancing Default to the Agreement exists and provided for 10 business days to cure the issue before an Event of Default will occur.
Viper and Precious have been working to restructure the agreement to achieve an equitable capital structure for all of Viper's stakeholders. In parallel with the restructuring discussions, Viper has been actively seeking financial alternatives and will vigorously continue to pursue all viable options.
The foregoing material may contain forward-looking statements. We caution that such statements may be subject to uncertainties and unanticipated events or circumstances, and that actual results could differ materially from such forward-looking statements. Readers accordingly should not place undue reliance on these forward-looking statements, which do not reflect anticipated or unanticipated events or circumstances occurring after the date of these forward-looking statements.
FOR MORE INFORMATION CONTACT:
Timothy C. Kling
Chief Financial Officer
SOURCE Viper Powersports, Inc.