ROSSLAND, British Columbia, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Less than a year ago, RED Mountain Resort in Rossland, BC launched a $10 Million crowdfunding campaign online called “Fight the Man. Own The Mountain.” This was the first time a for-profit resort had explored equity crowdfunding online and nobody knew what to expect. Fans of independent skiing and snowboarding showed up from far and wide to pledge their support and the resort surpassed its goal by several million dollars in Phase 1, known as “Test The Waters.”
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/07876d8f-bdd5-4d36-9d84-5d3c7f9296c2
A video accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fb3f12d5-2a51-4e66-b77d-bd73f8c6660c
Starting Monday, August 14th, Canadians can make good on their pledges and walk away actually owning a piece of one of North America’s most storied ski resorts.
“We planted our flag on this issue just as some of North America’s most famous resorts were amalgamated,” explains RED CEO Howard Katkov. “People were very passionate about keeping RED out of harm’s way. And, within a month, we had surpassed our wildest dreams on the crowdfunding front. I just hope everyone in Canada will recognize that now is the time to make good on those pledges and invest real dollars, for real equity, in a resort that’s about as real as it gets.”
Canadians are able to commit to their equity purchase starting August 14th on FrontFundr.com. US investors can purchase equity around November 2nd on StartEngine.com, as the U.S. regulatory process takes approximately 90 days longer than in Canada.
“I want to make it very clear that the earlier Canadian opening date on subscriptions does NOT offer an undue advantage to RED’s Canadian fans,” explains Katkov. “Nor does it present a disadvantage to American investors. We will not run out of equity. We will not run out of perks or tiered rewards. People on both sides of the border will still have the same opportunities to invest and the same opportunity to reap the rewards. Nobody’s jumping the gun here…it’s a staggered start.”
Since launch on Phase 1, this unique “Fight the Man. Own the Mountain.” campaign has resonated far beyond Canada’s Kootenay mountain range with a fierce message of independence in an atmosphere of corporate mergers and acquisitions.
Potential investors are urged to “do the math”—i.e. their homework, their “dude diligence”—before dropping in on this unique equity offering, and can begin here. Two unique aspects of the offering are worth noting up front:
The first is a clause informally dubbed, “Last In, First Out”. What this means is that investors in Phase II—whether they’re in for $1,000, $25K or more—would be among the first paid back for their Class D units in the eventuality of any possible future sale of the resort. They would receive their investment back before all previous equity investors.
The second is the “rewards” associated with each level of investment, from lift tickets, custom skis or snowboards, season and family passes and access to a purpose-built clubhouse and overnight cabins. These rewards are laid out in the FrontFundr and Start Engine platforms.
“It’s showtime, and we’re both excited and a little nervous at the same time,” says Katkov. “The success of the campaign thus far has been an incredible reminder of the passion that the snowsports community really runs on. I think a lot of us in the industry lose sight of this passion from time to time… ‘Fight the Man. Own the Mountain.’ has become emblematic of the fight for independence in skiing all over the world. Even people who have never skied here are sending me emails from Scotland and Switzerland asking how they can invest just because they like what we’re up to here. This means the world to us. It really does. I can’t think of any sport where the passion runs this deep or crosses borders and languages so effortlessly.”
(RED Mountain Resort will continue to investigate the possibility of investors outside Canada and the US participating – international investors, stay tuned!)
To be a part of the future of independent skiing and snowboarding, you can learn more about the offering and invest here — as long as you’re Canadian.
For US Investors
**No money or other consideration is being solicited at this time in connection with the US offering, and if sent in to Red Mountain Resort or StartEngine, will not be accepted. No offer to buy securities of Red Mountain Resort in the US offering can be accepted and no part of the purchase price can be received until Red Mountain Resort’s offering statement is qualified with the Securities & Exchange Commission. Any such offer to buy securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance is given after the qualification date. Any indications of interest in Red Mountain Resort’s US offering involves no obligation or commitment of any kind.**
Check out the RED Mountain “Fight the Man. Own the Mountain.” launch video here along with videos from partner brands Blizzard and Mervin Mfg.
1. RED Mountain Fight the Man, Own the Mountain
https://youtu.be/SzwXKFmiQZo
2. LibTech Video
https://youtu.be/BrlVTSXVx6Q
3. Blizzard Video
https://youtu.be/IQkhpSz_Q3M