Ultra Motorcycle Co. Reaches Settlement On Matured Notes
17 July 2000
MIRA LOMA, Calif. - Bikers Dream Inc., which does business under the name Ultra Motorcycle Co., reported that in its 1999 10-KSB, filed on April 14, 2000, the company announced that two promissory notes held by w3 Holdings Inc., for the combined principal sum of $450,000.00, came due on March 31, 2000. With accrued interest, the total debt exceeded $560,000.00. On July 5, 2000, a settlement was finalized between the company and w3, which provides for a compromise payment on these two notes, which will extinguish this obligation by July 21, 2000.
The company participated in the Rocky Mountain Thunder Rally, in Pueblo, Colo. (June 30 through July 2). The UMC semi-truck, "Dream Wheels," was a big attraction, drawing large crowds. Consumer and dealer response to the company's product line was exceptional. The hot selling Fat Pounder model was previewed with a fully polished engine and transmission, highlighted by chrome plated appointments. Dealers in attendance responded by ordering eight units for immediate delivery and expressed an interest in ordering more.
UMC was ranked by Easyriders Magazine as one of the "Top Ten American Motorcycle Manufacturers of 2000," in Easyriders' August issue. Featured in the Easyriders' article was the extremely popular Fat Pounder. Hot Bike Magazine recently evaluated the rigid-frame, "Ultra wide" (230 x 15-inch rear tire), "Fat Pounder," which will be reviewed in its Sturgis issue. In June, American Rider Magazine road-tested the "Avenger," which is UMC's sole rubber-mount model. The article on this evaluation is expected to appear in American Rider later this year.
Earlier this year, UMC began converting its manufacturing facility to a final assembly line process, supported by sub-assemblies. The purpose of this conversion was to increase production capabilities and efficiency. The conversion was completed in April 2000. As a result, UMC was able to increase the number of units produced throughout the second quarter, to keep up with increased sales orders.
Ultra Motorcycle Co. is a manufacturer and distributor of quality-built American heavyweight cruiser motorcycles. Corporate headquarters and manufacturing operations are located in Mira Loma.