SOURCE: Pine Ridge Holdings, Inc

May 16, 2008 11:15 ET

Pine Ridge Holdings Enters Formal Negotiations

FORT WAYNE, IN--(Marketwire - May 16, 2008) - Pine Ridge Holdings, Inc (PINKSHEETS: PINR) Kevin May, CEO of Pine Ridge Holdings (PINR), is pleased to announce the first of what is expected to be several significant related announcements in the days ahead. As was shared in the last press release, it is the intent of PINR to take advantage of the company's expanding network and to use this network to acquire, both fully and in part, companies that will bring significant value to Pine Ridge Holdings.

May stated, "There are simply too many opportunities to not aggressively go after multiple acquisitions at the same time. The first company that we have approached is ServeNation, LLC. We have been in negotiations with their management and believe that we are very close to being able to announce an agreement. As our shareholders know, our current income verticals involve primarily real estate and tennis/physical fitness operations. These are good, stable, asset rich operations. But we are pursuing companies in industries that can show significant growth and can achieve high valuations."

ServeNation, LLC is a privately held, online social networking website that works exclusively with U.S.-based non-profits. Birthed from MinistryHome, Inc., ServeNation, LLC is an independent corporation that provides social networks, websites and fund raising tools for non-profits across the country. Using the same in-house created code that made MinistryHome successful, ServeNation carries with it all of the advantages of a traditional dot com -- including, most importantly from PINR's perspective, an incredible valuation multiple of 3.75 times GROSS REVENUE.

May continued, "The unique on-line fund raising tools of ServeNation alone can create significant revenues. I hope to find other companies that are valued on revenues and not EBITA, but this is a great start for PINR. I hope to share more about this relationship in the coming days."

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning it expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.

Contact Information

  • Contact:
    Pine Ridge Holdings, Inc
    Kevin May
    Brian Kistler
    (260) 450-8823