Los Angeles, California, Feb. 24, 2014 (GLOBE NEWSWIRE) -- Embarr Downs, Inc. (OTCQB: EMBR) announced today that the Company has reduced the authorized shares by 88% from 500,000,000 to 60,000,000.
Joseph Wade, CEO of Embarr Downs stated, "We have one goal and that is to build a strong and profitable company. We will do this by growing our stable of thoroughbreds and to put the pieces in place to have our breeding program in place as soon as possible. However, we need to expand in a manner that secures the interests of our current investors and shareholders. This is just one step toward these goals."
In conjunction with the decrease in the authorized share count the articles shall be amended so that any increase in the authorized share count will now require an affirmative vote of 75% of the shareholders.
Additionally, the Company increased its line of credit to $350,000. Pursuant to the terms of the line of credit, the Company makes interest only payments until August 31, 2017. After August 31, 2017, the principal is to be repaid in equal payments over 36 months with the final payment made in August 2020. Pursuant to the terms of the line of credit, the debt may not be converted into shares of the Company. "By increasing the line of credit we are able to begin to expand our operations without issuing shares of the Company to fund that expansion," continued Joseph Wade. "This also will allow us to expand our operations and at the same time secure the interests of our current investors and shareholders."
About Embarr Downs. The Company is engaged in the buying, selling and racing of thoroughbreds. The Company's focus is acquiring thoroughbreds that can race in the allowance and stakes level of thoroughbred racing; however, the Company will initially begin acquiring thoroughbreds in the claiming level of thoroughbred racing. More information can be found at www.embarrdowns.com Additional information can be found at www.embarrdowns.com and on our Facebook page https://www.facebook.com/embarrdowns and Twitter at https://twitter.com/EmbarrDowns.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.