LOS ANGELES, March 30, 2007 (PRIME NEWSWIRE) -- Tank Sports (OTCBB:TNSP) today announced that following the acquisition of Redcat Motors by Tank Sports, Inc., the results of Redcat's audit will be released to the public next week. The acquisition of Redcat was completed on January 30, 2007. According to SEC regulations, Tank has 75 days to finish the audit report, meeting the deadline of April 15th.
"After we release the audit report, we will also file form 8-K to the SEC to report my projections for the combined Tank-Redcat company for fiscal year 2008. This will be the first time either Tank or Redcat has announced future projections," said Jiangyong Ji, CEO of Tank-Redcat.
About Tank Sports, Inc.
Tank Sports is a leading company that develops, engineers, and markets high performance on-road motorcycles and scooters, as well as off-road all-terrain vehicles (ATVs), dirt bikes and Go Karts through OEMs in China. It utilizes the so-called "China Concept" to participate in the $31.5 billion annually (data: Motor Industry Council) motorcycle/ATV market.
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About Redcat Motors
Established in 2001, Redcat Motors is an importer and distributor of off-road powersports products from China. The company has 5 regional warehouse locations and a network of more than 300 dealers. Redcat's monthly parts revenue is $70,000 and in 2005, the company's total revenue was $19,000,000. With a gross profit of $3.40 million, the company realized net earnings of approximately $643,000 in 2005.
Safe Harbor Statement
The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to business developments are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with a small business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.