LAS VEGAS, NV--(Marketwired - Mar 3, 2014) - Las Vegas Railway Express, Inc. ("X" Train) (OTCQB: XTRN)
X Train announced that the Company has completed the conversion into common stock of an aggregate of $2,215,000 of convertible notes plus accrued interest of $161,104 to accredited investors. In addition, the Company offered a warrant conversion feature for the conversion of the notes. The Company improves its balance sheet by $2,376,104 in paid in capital with this transaction.
"We are pleased with the interest on the part of investors to convert their notes into equity in the Company," stated Michael Barron, CEO of the Company. "We think this demonstrates investor confidence in our company," he remarked. GVC Capital LLC was the Placement Agent for the Convertible Note offering.
About Las Vegas Railway Express, Inc.
Our company, Las Vegas Railway Express, Inc., dba The X Train, was founded on the vision of establishing a new and innovative passenger train service between Las Vegas and the Los Angeles metropolitan area using existing railroad tracks and specialized rail cars that have been refurbished to resemble a casino style motif. These specialty cars would be attached to an existing regularly scheduled passenger train running between a metropolitan area and a casino resort destination. We offer a Club X Train option to travelers much like the Pullman Car Company did for passenger rail travel in the 1880's. That concept of offering a Club X Train service option has an application to passenger rail routes across the country.
For more information, please visit the Company website at http://www.vegasxtrain.com .
About GVC Capital LLC (GVC)
GVC is an innovative investment banking firm headquartered in the Denver suburb of Greenwood Village, Colorado. GVC focuses primarily on providing comprehensive investment banking services to underexposed and undervalued microcap companies.
GVC is committed to a simple operating philosophy: provide exceptional emerging companies with the financial and professional resources necessary to achieve long-term goals, fulfill outstanding potential, and maximize shareholder value.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
The securities described above were sold by the Company in private placements and were not registered under the Securities Act of 1933, as amended (the "Securities Act"). The securities were sold in reliance upon exemptions from the registration requirements of the Securities Act pursuant to Regulation D promulgated under the Securities Act. Therefore, the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.