LOS ANGELES, March 31, 2008 (PRIME NEWSWIRE) -- Pro Sports & Entertainment today announced it has completed a reverse merger and share exchange with Feris International (Pink Sheets:FSIT).
Under the terms of the agreement, Pro Sports & Entertainment shareholders will receive approximately 3.5 shares of Feris International common stock for each share held, resulting in 99 percent ownership of the newly combined company.
Paul Feller, president and chief executive officer of Pro Sports & Entertainment, will serve as chairman and chief executive officer of the new organization.
About Pro Sports & Entertainment, Inc.
Incorporated in November of 1998 and based in Los Angeles, Pro Sports & Entertainment is an owner, operator and marketer of live entertainment and sporting events. The company is primarily focused on internal growth and acquisitions within the entertainment-related market -- including action sports, automotive shows, college sports, food events, motor sports and auto racing, music concerts and festivals, running events, diversified media marketing, running events, trade shows and expositions, and talent management. In addition, the company intends to expand its consumer rewards marketing and redemption activities through its recently acquired Stratus Rewards Visa White Card and an association with the Visa Signature credit card -- providing exclusive benefits to its cardholders in the form of VIP event access, luxury trips, private jet travel, luxury automobiles, high-end merchandise and other rewards for specified levels of use.
Forward Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors which include but are not limited to risk factors inherent in doing business. Although the company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.