SOURCE: Ronn Motor Company

Ronn Motor Company

June 23, 2010 12:27 ET

Ronn Motors in Pursuit of Alternative Capital Funding Sources

MARBLE FALLS, TX--(Marketwire - June 23, 2010) -  Ronn Motor Company (RMC) (PINKSHEETS: RNNM) announced today that it has been proactively pursuing several alternative funding sources over the past few months to secure additional opportunities for new capital. These efforts include a significant potential licensing agreement for the H2GO systems, a number of corporate private stock purchases, in addition to creative manufacturing credit lines. As well, the Company has been working with a few select major shareholders to secure further investment in the Company.

"With the difficult economy and the restructuring at Angeltouch, we assumed a delay in contract fulfillment and potential cash shortfalls as we finalized preparation to move into the new facility," stated Ronn Maxwell, company CEO. "We now have a renewed focus on raising capital for the Company and believe our discussions with various potential investors and partners have been very positive. We have yet to work out final details and there can be no assurance that any investment will ultimately be made in the Company, but senior management has reformatted its capital raising approach to the current economic conditions and has trimmed away any excess fat and cost involved in commencing production of the H2GO® units and Scorpion® supercars. We believe that with our new approach and the new cost estimates, the Company will be able to attract the necessary capital to commence production shortly."

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. Our products will be incorporated into our originally designed and manufactured automobiles and will also 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 greater fuel efficiency. For more information, please visit www.ronnmotors.com

This release contains forward-looking statements that reflect Ronn Motor Company's (the "Company") 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:
    Ronn Motor Company
    830-693-0802