SOURCE: Ronn Motor Company

Ronn Motor Company

July 07, 2010 09:00 ET

Ronn Motor Company to Reduce Outstanding Shares

MARBLE FALLS, TX--(Marketwire - July 7, 2010) -  The Board of Directors of Ronn Motor Company (PINKSHEETS: RNNM) announced today that it has approved the reduction of outstanding shares in conjunction with the new financing arrangements with certain of its significant stockholders. Ronn Motor Company will reduce the issued and outstanding number of shares by approximately fifty million (50,000,000) to sixty-five million (65,000,000) total shares. The shares will be returned to the Company Treasury.

Ron Maxwell, President and CEO of the Company, remarked, "The action to reduce the number of issued and outstanding shares of the Company will dovetail nicely with the efforts of our significant shareholders, whom the Company has reached agreement on certain financing arrangements. Management is always striving to increase shareholder value and we believe that the new financing plans, along with the reduction in outstanding shares, will serve to increase shareholder value in both the short and long term horizons."

Headquartered in Marble Falls, Texas, Ronn Motor Company, Inc. is a design and manufacturing company focused on the leading edge engineering of environmentally friendly, finely built premium automobiles and "green," eco-responsible technology. These technology systems include Hydrogen Fuel, Fuel Cells and Plug-in Electrics. Our products will be incorporated into our originally designed and manufactured automobiles and will also be made available for aftermarket applications. Our products, coupled with RMC's core values of a strong sense of ethics, environmental sensitivity and premium quality, position the Company as one of the new leaders in an automotive industry transitioning toward greater fuel efficiency. For more information, please visit www.ronnmotors.com

This release contains forward-looking statements that reflect Ronn Motor Company's (the "Company") plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.

Contact Information

  • Ronn Motors Investor Relations Contact:
    Ronn Motor Company
    830-693-0802