SOURCE: SUN Sports & Entertainment Inc.
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March 21, 2008 10:16 ET
SUN Discusses New Operating Plan, Financial Restructuring, Management and Consolidation
DALLAS, TX--(Marketwire - March 21, 2008) - SUN Sports and Entertainment Inc. (PINKSHEETS: SSPE) announced today improved changes to its operating plan including a
financial restructuring of debt and the placement of new equity capital. In
addition, the Company reports change in management, additions to the
Advisory Board, and the consolidation of operating facilities.
SUN has developed an operating plan which includes events underwritten by
strategic partners and major sponsors. The Company is focused on producing
its fights in venues where the financial variables are predictable and the
branding of events attractive to major sponsors. The company is also
negotiating contracts to broadcast its upcoming events for national
exposure.
The Company has begun implementing a financial plan intended to eliminate
debt and provide new equity financing. The Company will also file a Form 10
with the intent to become a fully reporting company with audited financial
statements. The restructuring plan involves a new class of stock and
provides the Company with the necessary capital to begin to implement its
2008 business plan.
As part of the announced changes, the Company accepted the resignation of
Buckeye Epstein as President and is in the process of adding additional
staff to event operations, management and marketing department. The Company
added to its advisory board Steven Oshins, a highly respected Nevada
Attorney and former CEO of the International Fighting Organization and
Steele Cage Productions.
The Company is also making considerable progress with a number of
organizations for the sale of domestic and foreign licensing rights of the
"Art of War" Video Library as well as the "Steele Cage" Video Library.
There is a growing demand for the DVD Distribution rights of both libraries
from large retail outlets that should provide ongoing cash flow upon
completion.
Effective March 1, 2008, the Company has consolidated its Corporate Offices
and Warehouse facilities. The combined operations are now located at 4505
Ratliff Lane, Addison, TX, 75001. For more information please visit us at
www.sunorganization.com or set an appointment to visit our facilities.
ABOUT SUN:
SUN (www.sunorganization.com) is a Professional Sports & Entertainment
Production Company that produces world class Mixed Martial Arts (MMA)
Events under the brand: Art of War LIVE (www.artofwarLIVE.com), The USA
Men's National Team (www.teamUSAmma.com), UNDERGROUND Cage Fighting
(www.undergroundcagefighting.com), Steel Cage Promotions,
(www.steelecage.com) and the International Fighting Organization (IFO) a
governing body for MMA in Nevada. The company also created the
International Fighters Association (IFA), a non-profit based in Luxemburg
that ranks, rates and sanctions professional MMA Fighters.
Safe Harbor Statement -- This release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
27E of the Securities Act of 1934. Statements contained in this release
that are not historical facts may be deemed to be forward-looking
statements. Investors are cautioned that forward-looking statements are
inherently uncertain. Actual performance and results may differ materially
from that projected or suggested herein due to certain risks and
uncertainties including, without limitation, ability to obtain financing
and regulatory and shareholder approvals for anticipated actions. Such
statements are based on management's current expectations and are subject
to certain factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred to or
implied by such statements. In addition, actual or future results may
differ materially from those anticipated depending on a variety of factors,
including continued maintenance of favorable license arrangements, success
of market research identifying new product opportunities, successful
introduction of new products, continued product innovation, sales and
earnings growth, ability to attract and retain key personnel, and general
economic conditions affecting consumer spending. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. Sun Sports & Entertainment Inc. does not intend
to update any of the forward-looking statements after the date of this
release to conform these statements to actual results or to changes in its
expectations, except as may be required by law.