Science & Technology
Science and Technology
Science and Technology
Tue, September 15, 2009
XnE, Inc.: XnE, Inc. Announces the Acquisition of Its First Minor League Baseball Team
IRVINE, CA--(Marketwire - September 15, 2009) - XnE, Inc. (
The St. George Roadrunners are a professional independent minor league baseball team located in St. George, Utah. The Roadrunners are one of nine teams currently playing in the Golden Baseball League. The 2009 season is the third year of operations for the Roadrunners who play at Bruce Hurst Field located on the campus of Dixie State College. During 2007 the Roadrunners finished with a record of 23-53. With a different recruiting philosophy in 2008, the Roadrunners nearly doubled their wins to 44-43. During 2009, the Roadrunners have finished the regular season with a record of 48-36. The mission of the St. George Roadrunners is to win the hearts of all youth and families in Southern Utah by inspiring them through memorable, positive and educational experiences.
XnE, Inc. CEO Michael Cummings stated, "Our business strategy is aggressive, but our goal is to continue to grow rapidly through high quality strategic acquisitions, such as The Triple Play Group, and grow organically, resulting in significant scale within three years. I believe we have now taken the first but most important step towards that objective. With this acquisition, we've achieved a significant milestone and I look forward to our on going success. We have acquired a considerable asset, which I believe will yield a significant return to our shareholders."
The Triple Play Group President Todd Vowell commented, "I consider this a terrific opportunity to team up with Michael and become an integral part of the XnE, Inc. organization. I believe The Triple Play Group's core competencies blend seamlessly with XnE, Inc. With our industry experiencing growth, it is certainly within our collective capabilities to achieve the critical mass and scale consistent with Michael's strategy. I am looking forward to the exciting future ahead of us."
Pursuant to terms of the agreement, XnE, Inc. acquired 100% of the outstanding member units of The Triple Play Group for (i) preferred convertible shares (ii) 13,872,000 million in XnE, Inc. restricted common stock and (iii) $55,000.00 in cash. The Triple Play Group, LLC will continue to operate as a wholly owned subsidiary of XnE, Inc. and Mr. Vowell will remain in his capacity as The Triple Play Group, LLC President.
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About XnE, Inc.
XnE, Inc. is part of the "FASTEST GROWING FAMILY SPORT IN AMERICA and that is MINOR LEAGUE BASEBALL." Over 50 million people attend minor league baseball games each season. In 2004 through 2008, minor league baseball drew more total fans to their games than the NBA, NFL and NHL combined and minor league teams are now in or near 100% of the top 50 US cities.
Minor league baseball appeals to families who appreciate its ability to entertain at a reasonable price. A family of four can go to the game including tickets, snacks and parking for around $40. Minors' average ticket price is $6, Major League Baseball is $18, NBA is over $41 and the NFL is over $50. In a recent survey, 81% of respondents said they want to spend more time with family and 51% said baseball is the way to do it.
FORWARD-LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in the Sports and Entertainment industry; the positioning of XnE in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether XnE can successfully gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.
