Advantage Capital Development Corp. Provides $500,000 Bridge Loan for Cinema Ride, Inc.
04 Janeiro 2005 - 12:00PM
PR Newswire (US)
Advantage Capital Development Corp. Provides $500,000 Bridge Loan
for Cinema Ride, Inc. Cinema Ride Secures $10 Million in Equity
Financing From Institutional Investor MIAMI, Jan. 4
/PRNewswire-FirstCall/ -- Advantage Capital Development Corp. (OTC
Pink Sheets: AVCP) announced today that it has provided a $500,000
bridge loan in the form of a convertible debenture for Cinema Ride,
Inc. (OTC:MOVE) (BULLETIN BOARD: MOVE) . Concurrently, Cinema Ride,
Inc. announced it has received $10 million in equity financing from
an institutional investor. Cinema Ride's core business is the sale
of half-price, same-day Las Vegas show tickets provided through
Tix4Tonight, a wholly owned subsidiary. Tix4Tonight, which just
celebrated its first anniversary of operations, recently announced
it has entered into a long-term lease for high-profile space at the
Fashion Show Mall in Las Vegas. "We're quite impressed with the
unique business model of Cinema Ride and Tix4Tonight and the
performance of the company in such a relatively short period of
time," said Jeffrey Sternberg, president and CEO of Advantage
Capital Development Corp. "Clearly it fits our specific criteria
for investments, and we believe it will generate a return that fits
our return criteria as well. We are looking forward to helping them
with the financing required to successfully reach their strategic
initiatives." "In just one year, Tix4Tonight subsidiary has
experienced explosive growth validating our new business model,"
said Mitch Francis, CEO of both Cinema Ride, Inc. and Tix4Tonight.
"Yet we recognize the importance of aligning our company with an
investment partner that not only understands our mission, but
recognizes the dynamics and needs of an emerging growth company.
What's particularly appealing about the bridge loan structured by
Advantage Capital is that it is void of the toxicity and dilutive
properties often associated with such financing instruments." The
debentures, which mature on March 7, 2006, are convertible from
time- to-time after nine months from the date of close, into the
common stock of the registrant by Advantage based on a formula tied
to certain National Association of Security Dealers
Over-The-Counter Bulletin Board listing criteria as quoted by
Bloomberg, L.P. There is also a redemption feature allowing the
company to elect to repay the debt. About Cinema Ride, Inc. Cinema
Ride, through its wholly owned subsidiary, Tix4Tonight opens at
noon every day to sell show tickets to many of the great Las Vegas
shows at half-price on the same day of the show. The business is
currently located next door to the Harley-Davidson Cafe, in a
facility along a section of the Strip, which the Company believes
has the heaviest foot-traffic in Las Vegas. The Company expects to
move from this facility into its permanent South Strip location at
the new Hawaiian Marketplace in early 2005. The Company also
operates a ticket booth on the north end of the Strip, which is
scheduled to cease operations shortly after the opening at the
Fashion Show Mall. About Advantage Capital Development Corp.
Advantage Capital is a business development company, which operates
specifically to meet the needs of small and emerging companies that
need capital to grow. Business development companies, as defined
under the Investment Act of 1940, are specifically designed to
encourage the growth of small businesses. The rules provide certain
financing advantages for companies that invest in small and
emerging businesses. As a result, this will include investing in
both public and private entities using certain types of debt and
equity financing not normally available to other public companies.
An investment profile about Advantage Capital Development may be
found online at
http://www.hawkassociates.com/advantagecap/profile.htm . An online
investor kit containing Advantage Capital Development press
releases, SEC filings, current price Level II quotes, interactive
Java, stock charts and other useful information for investors can
be found at http://www.hawkassociates.com/ and
http://www.hawkmicrocaps.com/ . Investors may contact Frank Hawkins
or Julie Marshall, Hawk Associates, at (305) 852-2383, e-mail: .
Safe Harbor Statement: The Private Securities Litigation Reform Act
of 1995 provides a "safe harbor" for forward-looking statements.
Certain of the statements contained herein, which are not
historical facts, are forward- looking statements with respect to
events, the occurrence of which involve risks and uncertainties.
These forward-looking statements may be impacted, either positively
or negatively, by various factors. Information concerning potential
factors that could affect the Company is detailed from time to time
in the Company's reports filed with the Securities and Exchange
Commission. DATASOURCE: Advantage Capital Development Corp.
CONTACT: Frank Hawkins or Julie Marshall, both of Hawk Associates,
+1-305-852-2383, or , for Advantage Capital Development Corp. Web
site: http://www.advcapdev.com/ http://www.hawkassociates.com/
http://www.hawkmicrocaps.com/
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