Published: September 09, 2008
Press Release
AVP, Inc. Announces Completion of $3.5 Million Financing and Hiring of New COO/CFO
LOS ANGELES, Sept. 9 /PRNewswire-FirstCall/ -- AVP, Inc.
(OTC Bulletin Board: AVPI) ("the Company"), a lifestyle sports entertainment
company focused on professional beach volleyball, announced today the
completion of a $3.5 million private placement financing from RJSM Partners,
LLC. RJSM Partners, LLC is an investment company specializing in sports and
entertainment with a focus in high value content properties. The new funds
will be primarily used for working capital and the continued expansion of the
Company's lifestyle sports entertainment offerings in professional beach
volleyball.
The financing consists of approximately $2.8 million in aggregate
principal amount of the Company's convertible debt, convertible into common
stock at $.50 per share, and 50,000 shares of the Company's Series B Preferred
Stock (which convert into more than one common share). Interest earned on the
convertible debt represents a liquidation preference and is payable only upon
a liquidation event. Upon full conversion of both instruments, RJSM will
beneficially own approximately 7 million shares of common stock, all of which
they can vote upon closing. In connection with its investment RJSM will be
entitled to appoint two directors. The financing will be funded in two
tranches, with the Company receiving $2.5 million on September 8, 2008 and
RJSM receiving the Series B Preferred Stock and voting rights in approximately
3.6 million common shares, and an additional $1 million by September 15, 2008
whereby RJSM receives voting rights in the remaining common shares.
The Company also announced that the number of members on its board of
directors will be reduced from nine to five and the resignation of five of the
Company's directors. Effective at the closing of the financing, the Company's
board of directors will consist of Leonard Armato (Chairman), Jason Hodell,
Nick Toor, Mike Pearce, and Justin Kamm.
The Company also announced the permanent hiring of director Jason Hodell
To read the complete release at NewsBlaze,
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