LOS ANGELES, Dec. 1, 2006 (PRIME NEWSWIRE) -- Tank Sports (OTCBB:TNSP) held its first press conference at 3:00pm yesterday at the Pacific Palm Conference Resort in City of Industry, California. The conference was for news releases, new product releases and a Tank products overview, followed by a Champagne reception to celebrate Tank's going public for over a month.
This is the first press conference the company ever held after going public on Nov.1, 2006. Since going public, the stock prices of the company have gone from $0.75 to $2.90 as of market close today. Over 150 friends, representatives of shareholders, TANK(tm) dealers, investors, financial professionals, and local business and community leaders were invited to the reception. There were 11 local newspapers and 8 TV/Cable TVs that sent their journalists to the event. Ms. Judy Chu, the California State Assembly Member, and Mr. Chaoyou Xu, Deputy Consul General of People's Republic of China, also attended the conference as guest speakers.
At the conference, Ms. Jingjing Long, President of Tank Sports made four announcements during the event, believed to be very significant to the continuous growth of the company. She also revealed TANK 300cc Vision on-road motorcycle following her announcement.
Further information about Tank Sports, Inc. classification and similar matters is available by sending email to: IR@tank-sports.com. You can also go on line (www.tank-sports.com) for more information. Or you can go on www.sec.gov for the most recent company filing.
About Tank Sports, Inc.
Tank Sports is a leading company that develops, engineers, and markets high performance on-road motorcycles & scooters, off-road all-terrain vehicles (ATVs), dirt bikes and Go Karts through OEMs in China. It utilizes the so-called "China Concept" business model to participate in the $31.5 billion annually (data: Motor Industry Council) motorcycle/ATV market.
Since it commenced, Tank Sports has already sold more than 22,000 units of motorcycles/ATVs under its proprietary brand name TANK(tm). The company achieved $7.53 million in revenue for the fiscal year ended Feb. 28, 2006. From 2001 to 2005, the company grew by 16 times, or at the compounded average annual growth rate of 105%. The Company reported net earnings of $275,406 for the first two fiscal quarters that ended August 31, 2006 (unaudited).
Safe Harbor Statement
The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to business developments are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with a small business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.