SOURCE: Ronn Motor Company

Ronn Motor Company

December 07, 2009 09:00 ET

Definitive Private Funding Agreement Reached Between Ronn Motor Company and Angeltouch Petroleum & Refining

MARBLE FALLS, TX--(Marketwire - December 7, 2009) - Ronn Motor Company, Inc. (PINKSHEETS: RNNM) announced today that they have concluded negotiations and reached a definitive arrangement to receive long term strategic funding of up to $6 million, upon the achievement of certain milestones, with a consortium led by Angeltouch Petroleum & Refining, Inc. and Real Business Loans, LLC.

After two months of detailed negotiations, a comprehensive long term funding agreement was reached that will provide Ronn Motors increased liquidity and enhance the company's marketing and sales efforts. Funding will be made available to Ronn Motors based on various criteria and can take the form of loans or direct equity investment. The initial focus will be to adequately fund the kick off of the H2GO™ Real Time Hydrogen Injection System product line and commence full scale production of the Scorpion HX™ eco-exotic supercar. This will give the line the ability to continue to expand into new markets and new applications.

Dr. Brian A. Dupree, CEO of Angeltouch Petroleum and a 15 year veteran of the financial and project funding industries, stated, "We have watched Ronn Motors and their hydrogen-based technology push toward their goal of greater fuel efficiency and substantially reduced noxious emissions. As a company dedicated to pursuing innovative alternative energy technology, Angeltouch sees the dynamic potential of the H2GO™ product which creates an inexpensive aftermarket solution for American consumers to increase the miles per gallon achieved by their vehicles while dramatically reducing greenhouse gas emissions. Increased fuel efficiency is the wave of the future and will help America bridge the gap between traditional gasoline and diesel powered vehicles to full electric and electric hybrids alternatives. We are excited to participate with a dynamic company like Ronn Motors who is on the innovate edge of these products and markets."

Ronn Maxwell, President and CEO of Ronn Motor Company, said, "We are very pleased to enter into this long term relationship with the consortium led by Angeltouch to secure a consistent source of capital for Ronn Motors. Our Company has developed some very exciting new products, such as the Scorpion HX™ eco-exotic automobile, the H2GO™ system and Ronzoil Premium Green line of lubricants. We intend to further refine and develop these products and several new products we believe will meet the American consumer's desire for greater fuel efficiency and longer life for their vehicles and reduce their carbon footprint. Our companies share the same long term vision to support alternative energy development and create practical, everyday applications for public use. We look forward to a rewarding long term relationship with Angeltouch, its CEO, Dr. Brian Dupree, and its funding partners."

Headquartered in Marble Falls, Texas, Ronn Motor Company, Inc. is a design and manufacturing company focused on the leading edge engineering of environmentally friendly, finely built premium automobiles and "green," eco-responsible technology. These technology systems include Hydrogen Fuel, Fuel Cells, and Plug-in Electrics and will be incorporated into our automobiles to be made available for aftermarket applications. Our products, coupled with RMC's core values of a strong sense of ethics, environmental sensitivity and premium quality, position the company as one of the new leaders in an automotive industry transitioning toward fuel efficiency. For more information, please visit www.ronnmotors.com

Angeltouch Petroleum & Refining, Inc., based in Stockbridge, Georgia, is a private crude and refined petroleum product reseller and a leader in the charge for financing and developing alternative energy products and projects. The company's private capital unit researches alternative energy projects and structures investments therein by using its own private capital and coordinating the application of other project financing resources. Angeltouch is an aggressive energy company that is dedicated to promoting and making investments in alternative energy projects.

This release contains forward-looking statements that reflect Ronn Motors plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

Contact Information

  • Ronn Motors Investor Relations Contact:
    The Eversull Group, Inc.
    Jack Eversull
    972-378-7917 or 972-571-1624
    972-378-7981 (fax)
    Email Contact