RENO, Nev., Sept. 13, 2010 (GLOBE NEWSWIRE) -- Encompass Holdings, Inc. (Pink Sheets:ECMH), www.encompassholdings.com, reports that it has finalized negotiations for a complete funding package for the business initiatives of its subsidiaries, Rotary Engines Technologies, Inc., (RETI, rotary engines) Aqua Xtremes, Inc., XBoard, (a motorized personal watercraft) and Quadrant Data Systems, Inc. (N+2 rated secure data center).
Encompass has been working with a new third party investor and its current creditors to finalize the terms and conditions necessary to receive the full funding commitment. These new funds will be used to complete the process of EPA and CARB certification for the RETI 407cc rotary engine used (among other applications) as the power plant for the Aqua Xtremes' XBoard (a motorized personal watercraft), complete the assembly of 18 XBoards ready for distribution (most of the XBoard and engine components are currently in-house), and adding additional infrastructure for Quadrant's virtual computing and other joint venture initiatives.
Scott Webber, CEO of Encompass, stated, "After having several potential new investors reviewing our business model, we now have a firm commitment from our selected third party investor to continue to fund the full amount needed to complete the next phases of our projects. All corporate documents have been completed. The total funding package will be provided over the next several months as our subsidiaries complete each milestone of their development."
Joseph Berardi, Encompass VP of Operations and Business Development, remarked, "We are especially pleased to be working with an investor who is enthusiastic about the fundamentals of our business plans and long term growth strategy rather than solely in the technical aspects of trading shares in the short term. This new relationship has the potential to bring over $600,000 in financing to the company over the next several months. This funding commitment will allow us to fully capitalize our subsidiaries' current projects and key joint ventures, one of which we expect to announce later this week. Our management team can now focus exclusively on meeting the performance objectives that will lead to generating revenue for Encompass and increasing value for our shareholders."
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Forward-looking statements in this news release are made under the ``Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changed economic or business conditions, competition, the success of existing and new product releases and other risk factors inherent in product development and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.