SOURCE: Designer Sports Apparel, Inc.

July 09, 2008 11:53 ET

DesignerSportsApparel Announces Financing

ARLINGTON, TX--(Marketwire - July 9, 2008) - DesignerSportsApparel, Inc. (DSA) (OTCBB: DSPA) today announced that it had recently privately placed 460,000 shares of its common stock at a price of $0.25 per share, raising total proceeds of $115,000; there were no underwriting discounts or commissions paid. The shares are restricted and will not be registered for resale.

"The completion of this small financing is intended to provide the company with sufficient capital to meet its existing obligations, partial repayment of outstanding debt, and modest working capital which includes expense for ongoing SEC reporting requirements, as well as to give management time to evaluate our current business plan, which may result in a shift in strategy," said David B. Parker, CEO and CFO, DesignerSportsApparel.

Separately, DSA announced that it had secured a short-term loan for $28,000 which will be used to purchase digital printing equipment and related accessories designed to print small quantity custom T-shirt orders.

About DesignerSportsApparel

DesignerSportsApparel was founded in 2005 to enter the business of providing custom, silk-screened t-shirts to fraternities for Greek-sponsored events. The initial focus of our business plan was to target college-aged consumers who frequently purchase T-shirts.

Forward-Looking Statements

This press release may contain forward-looking statements that are subject to risks and uncertainties. Important factors which could cause actual results to differ materially from those in the forward-looking statements, include but are not limited to: the company's short operating history which makes it difficult to predict its future results of operations; the company's initial history of operating losses with possible future losses which could impede its ability to address the risks and difficulties encountered by companies in new and rapidly evolving markets; the company's future operating results could fluctuate which may cause volatility or a decline in the price of the company's stock; the possibility that the company may not be able to price its services above the overall cost causing its financial results to suffer; and other factors detailed in this press release and in future company filings with the Securities and Exchange Commission, at such time as the company is required to report its results of operations under the Securities Exchange Act of 1934, as amended.

Contact Information

  • For further information:
    David Parker