SOURCE: Pine Ridge Holdings, Inc.

December 19, 2008 15:30 ET

Pine Ridge Holdings Update

FORT WAYNE, IN--(Marketwire - December 19, 2008) - Today, Pine Ridge Holdings, Inc. (PINKSHEETS: PINR) CEO Kevin May, made announcements related to ServeNation, LLC and other Pine Ridge Holdings companies.

ServeNation was started on May 15, 2008 with the concept of helping non-profit organizations raise funds with safe and simple on-line tools. Starting with no more than an idea, it was felt that 24/7 on-line fundraising would be a business that would grow quickly, either to keep long-term or to sell.

Soon after incorporation, a valuation was done on the company by a local merger and acquisition firm and it was discovered that a value of 3.5 times gross revenue was applicable. This led to the strategy of building the number of stores quickly and driving up sales so a determination of the future could be made.

In less than seven months, ServeNation has built an impressive list of customers, including Red Cross Branches, Habitat for Humanity offices, radio stations, YMCAs, food banks and schools to name a few. Currently there are 192 active ServeNation fundraising sites.

Revenues for December, as of the writing of this press release, have topped $100,000. It should be noted that these revenues solely reflect ServeNation and not our other holdings. Management feels this is a significant achievement for a 7-month-old company, however we have already begun moving towards greater business. Over the past month ServeNation launched a campaign towards elementary and high schools that are already familiar with gift card programs. The on-line stores are the perfect free add-on to current school programs and in just two weeks, ServeNation has signed up more than 20 schools with anticipated annual revenues of more than $1 million.

Management intends to update our shareholders by years end regarding revenues from our other companies within the Pine Ridge portfolio.

Shareholders are encouraged to visit http://www.pineridgeholdings.com for informational updates.

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 its expected future operations, performance and other developments. Such forward-looking statements are necessary 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:
    Kevin May
    260-637-9090