IRVINE, Calif., Oct. 14, 2004 (PRIMEZONE) -- MotivNation, Inc. (OTCBB:MOVN) an Orange County, California-based provider and manufacturer of "tools and toys for the automotive enthusiast," announced today that its wholly owned subsidiary, TrixMotive, Inc. has closed the acquisition of a California privately held company, Moonlight Industries, Inc., a leading manufacturer and distributor of custom-built automotives.
President of MotivNation, Tom Prewitt stated, "This is the first step in completing our strategy for bringing value to our shareholders. We are moving forward with our next acquisition candidates to complete our core platform business focused in this sector."
With the acquisition, TrixMotive, Inc. significantly increases its customer base and addressable market, including the addition of several large enterprise customers in the retail, services, and custom verticals, as well as expands the breadth and scope of its product offering to automotive enthusiasts.
George R. Lefevre of NeoTactix, MotivNation's advisor added, "The transaction represents a transformational event for this company, allowing the company to provide a robust set of products within its customer base. We are focused on executing our strategy to grow market share by focusing on specific industry verticals and integrating our products with a wide range of applications that live in those verticals."
It is the Company's plan to utilize the same aggregate shares that were issued to Mr. Prewitt and Mr. Perez for subsequent acquisitions. Mr. Prewitt's and Mr. Perez's holdings will be adjusted upon the completion of subsequent acquisitions in a transfer of shares to the shareholders of the acquired entity. These adjustments will be disclosed on subsequent form 13 filings for both Mr. Prewitt and Mr. Perez. The intent of the Company with this process is to grow the company in the early months without issuing new shares for acquisitions. The Company's intention for this strategy is to retain shareholders value through this process.
TrixMotive, Inc. completed the Asset Purchase of Moonlight Industries, Inc., a California corporation. Pursuant to the Agreement, the Company will issue the sole shareholders of Moonlight, 14,000,000 shares of the Company's common stock share in exchange for certain assets and liabilities of Moonlight. Tom Prewitt and Richard Perez, respectively, have agreed to return, in the aggregate, 14,000,000 shares of the Company's common stock held by them back to the Company.
MotivNation will continue development and support of both platforms and anticipates combining businesses to enhance both products, capitalizing on the unique features of each. This motion will provide MotivNation with significant market presence.
About MotivNation:
Based in Irvine, California, MotivNation is aggressively positioned in the custom automotive and motorcycle enthusiast market. The foundation for the business is the platform custom operation of Damon's Motorcycle Creations. Based in Southern California, Damon's has gained national acclaim in the custom automotive and custom motorcycle community as a noted "master builder to the master builders." MotivNation's target clients are in two categories: the individual custom automotive enthusiast or collectors of the "one-of-a-kind" custom motorcycle and auto creations. The second and primary markets are the local fabrication and custom shops who buy materials and supplies for their work in serving a growing market appetite for custom or modified automobile or motorcycle creations of their own.
For more information on MotivNation, Inc. visit the company's Web site at www.MotivNation.com or phone them at (888) 798-9200, or contact George R. Lefevre of NeoTactix at (949) 888-8060. The Company's corporate offices are located in Southern California at 18101 Von Karman Avenue, Suite 330, Irvine, California 92612.
Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements in this release, which relate to the Company's plans and strategies, as well as management's expectations about new and existing products and services, acquisitions and opportunities, market growth, demand for acceptance of new and existing products and services, are forward-looking statements. In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks and uncertainties that could cause actual results to differ materially from historical or anticipated results due to many factors. The Company undertakes no obligations to publicly update or revise such statements. For more details, please refer to the Company's Securities and Exchange Commission filings.