PENNSAUKEN, N.J. -(Motor Sports Newswire)- Power Sports Factory, Inc. (OTCBB:PSPF), announced today that it has entered into a Joint Venture Agreement with CityRyde LLC, the premier Bike Share Consulting Company. CityRyde will provide Power Sports Factory with product design, RFP development, and help grow PSF’s “CleanRide” Division.
“We are extremely pleased to have CityRyde join our team,” said Steve Rubakh, President of Power Sports Factory. “CityRyde brings a wealth of experience and industry knowledge in the fast growing bike share industry. They will play a key role in launching our Alternative Transportation Division.”
CityRyde’s Timothy Ericson states, “I look forward to working with Power Sports Factory in developing their Bike Sharing Solution. We believe PSF’s product offering will be very unique and competitively priced which is important because financial barriers are one of the primary issues to the success of a bike sharing deployment.”
CityRyde LLC, is a sustainable transportation consulting company that specializes in bicycle sharing, headquartered in Philadelphia, PA. The Company’s mission is to enable and maximize the environmental, economic, and social benefits of bicycle-sharing by consulting on best practices to ensure self-sustaining and successful program implementations. CityRyde is in the final stages of developing a collaborative back-end information management solution mash-up (code name Oyster) that will enable bike sharing, car sharing, and other sustainable transportation models a way to intelligently manage their programs. The Company has recently won the prestigious Top Green Business of the Year Award and its Co-Founder, Timothy Ericson, was recently featured in the June 2009 issue of Entrepreneur Magazine. With over 3 million readers, CityRyde has been listed amongst some of the most innovative companies in the Entrepreneurial World. Additional information about the Company is available at http://www.cityryde.com.
About Power Sports Factory, Inc.:
New Jersey based Power Sports Factory, Inc., is wholly owned by Power Sports Factory, Inc. (OTCBB:PSPF). Power Sports Factory imports, markets and distributes motorbikes principally under the “Andretti” and “Yamati” brands. Additional information is available on the Power Sports Factory website at http://www.powersportsfactory.com and www.sec.gov.
Power Sports Factory is the only company with motorbikes endorsed by racing legend Mario Andretti. The Andretti line combines top performance, competitive pricing and cutting-edge European design from Benelli. Benelli is the designer of some of the best motorcycles and motorbikes in the world. The Andretti/Benelli line is also known for its high-quality construction and superior styling making it the smart choice for consumers. With today’s volatile price of fuel, motorbikes are a smart alternative for people looking for superb gas mileage.
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Factors that may cause actual results to differ materially from those expressed or implied by its forward-looking statements include, but are not limited to, Power Sports Factory’s limited operating history and business development associated with being a growth stage company; its dependence on key personnel; its ability to execute its business strategy; the intense competition it faces; risk associated with disruptions of its international supply chain; its exposure to product liability claims resulting from the use of its products; general economic and capital market conditions; its ability to raise additional capital; as well as those risks described under the heading “Risk Factors” of Power Sports Factory’s Form 10-KSB/A, filed with the Securities and Exchange Commission on August 18, 2008. Although Power Sports Factory, Inc. believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct.