ANDOVER, Minn., July 22, 2004. (PRIMEZONE) -- The Kingsley Coach, Inc. (OTCBB:KNGS) announced today that it has completed the sale of a Convertible Note and Common Stock Purchase Warrants in a private placement to an institutional investor. The $600,000 Note bears interest at 8% per annum, matures on July 21, 2006, and is convertible at the investor's option into common stock of Kingsley Coach, Inc. at a fixed price of $.15 per share. The Warrants afford the investor the right to purchase 1,200,000 common shares at $.20 per share through July 21, 2009.
Ralph Dickenson, CEO of Kingsley Coach, commented, "This investment is a major endorsement of Kingsley Coach and its growth plan, and we are pleased to have found a financial partner to support us during this rapid growth phase." Mr. Dickenson continued, "The investment will allow us to rapidly expand our manufacturing capacity and hire additional staff so that we can ramp up production to fulfill our record $8 million backlog and meet new sales commitments. This is a tremendous benefit to all of Kingsley's shareholders."
About Kingsley Coach: Kingsley manufactures standard and custom motor homes, and special use coaches. A Kingsley Coach is mounted on a class 8 or 7 semi-truck chassis, powered by top-name truck tractors such as Freightliner (NYSE:DCX), Volvo (Nasdaq:VOLVY) and Peterbuilt (Nasdaq:PCAR). It has an automatic transmission, a heavily reinforced body, a 500,000 mile guarantee, and ultimate quality. It offers its owner great comfort, safety, and high-performance including the new Sirius Satellite System (Nasdaq:SIRI). Kingsley recently expanded its product line to include medical, communications, entertainment, and various business-use coaches. RV owners refer to the Kingsley coach as "The Most Extraordinary Home on the Road."
Forward-Looking Statements: Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. While these statements are made to convey the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent managements' opinion. Actual Company results may differ materially from those described. The Company's operations and business prospects are always subject to risk and uncertainties.