SOURCE: Exosphere Aircraft Company, Inc.

July 02, 2008 06:00 ET

Exosphere Aircraft Company, Inc. Finalizes Controlling Interest Agreement With MMA Holdings, Inc.

SEATTLE, WA--(Marketwire - July 2, 2008) - Exosphere Aircraft Company, Inc. (PINKSHEETS: EXSA) announced it has finalized its recently stated letter of intent with MMA Holdings, Inc., a Nevada corporation. The May 2008 agreement outlines the terms in which MMA Holdings, Inc. will acquire controlling interest in Exosphere. The Company will apply for a new ticker symbol with hopes to trade under MMAH, although this is not yet formally approved or confirmed.

Exosphere's officers and directors Barry Henthorn and John McLean have resigned and a new director has been appointed to MMA Holdings. Additionally under the terms of the agreement, the corporation will change the name to MMA Holdings, Inc. and remain a Florida corporation.

Through the retirement of shares by past management and certain shareholders, the current 195 million shares issued and outstanding as well as another 80 million shares committed but not issued are being reduced to 100 million shares. The company has also reduced its 500 million authorized shares to 150 million shares. The company has no options and warrants issued or outstanding. Certain shareholders of Exosphere have upheld management's decision with a committed minimum of $300,000 additional working capital for MMA Holdings.

"Formalizing a deal with MMA Holdings to allow a restructure without a reverse of its common shares thus having no negative impact to the shareholders of EXSA is a win-win for all," said Exosphere's former director, John McLean. Exosphere has indemnified and will hold harmless MMA Holdings, Inc. against any debt, liability or other obligation reassigned as part of this transaction that may arise after the possession date.

About MMA Holdings, Inc.

MMA Holdings will seek strategic business opportunities in one of the fastest growing sports in the world, Mixed Martial Arts. MMA Holdings plan to capitalize on third party businesses that have already positioned themselves in the MMA arena.

"Safe Harbor" Statement

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. The words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions, are intended to identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the availability of components and successful production of the company's products, successful performance of internal plans, the impact of competitive services and pricing, general economic risks and uncertainties, and various other information detailed from time to time in the company's filings with the United States Securities and Exchange Commission. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Please refer to the company's filings at www.sec.gov.

Contact Information

  • FOR FURTHER INFORMATION, please contact:
    MMA Holdings, Inc.
    866-670-4MMA (4662)