The Company's performance has improved significantly over the last six months. These funds will allow us to accelerate our revenue growth by expanding our sales force, increasing our marketing presence, and continuing to improve our product and shareholder value
ORLANDO, Fla. (PRWEB) August 10, 2007
RocketCity has closed on an institutional equity financing of approximately $6M open only to European funds. Among the prestigious funds leading the restricted equity round are:
-- Julius Baer Asset Management of Zurich, Switzerland
-- Anima Funds of Milan, Italy
-- Banque Jacob Safra of Geneva, Switzerland
The funding was organized through Continental Advisors SA of Luxembourg. In addition, several of the institutional investors have exercised warrants they received as part of their initial investment thereby signalling their confidence in Rocket City Enterprises and its management team.
Jeff Roman, President and CEO of Rocket City Enterprises, stated, "I am pleased to report that our stock offering was well received and significantly oversubscribed. We are truly honored that so many institutional investors have elected to become shareholders in our Company. To have the confidence of the institutional investment community at this stage of our development is perhaps one of the greatest complements that we could receive. This new capital infusion will enable us to implement new business initiatives that we have been working on, all of which will enable us to gain market share throughout the automobile industry and beyond."
The capital raise will allow Rocket City Enterprises to accelerate its growth initiatives which include:
-- Implement a proactive sales and marketing program throughout the United States.
-- Enter the international market.
-- Expand the software capabilities to maximize Rocket City products and intellectual properties by targeting various business markets.
-- Move the Company to a more prestigious exchange.
"The Company's performance has improved significantly over the last six months. These funds will allow us to accelerate our revenue growth by expanding our sales force, increasing our marketing presence, and continuing to improve our product and shareholder value," concluded Mr. Roman.
About Rocket City Enterprises, Inc.:
Rocket City Enterprises, Inc. is a publicly traded company (Pink Sheets:RCTY) and was formed to acquire, manage, supervise and operate corporations specializing in auction services, eCommerce, software development, technology and retail automotive operations. CompleteAuto, one of four wholly owned subsidiaries of RocketCity is a Preferred Solution Provider and offers proprietary software, technology, personnel and design solutions to hundreds of automotive dealerships around the country and additional partners throughout the marketplace.
CompleteAuto and RocketCity believe there are enormous growth opportunities in the $1 trillion automotive retailing industry and beyond. The experienced management team will continue to execute strategic initiatives to maximize operations in this marketplace with their products and services. Visit them on the web at http://www.RCAU.com to learn more.
Learn more about Complete Auto by visiting: http://www.completeauto.com
Cautionary Statement About Forward-Looking Statements
This press release contains "forward-looking statements," which are statements related to future, not past, events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.