PMI Increases Shipments of 1100cc Buggy to Europe Following LOI Signed With Tank Sports
SHANGHAI, China, Oct. 18, 2007 -- Tank Sports, Inc. (BULLETIN BOARD: TNSP.OB) today announced that PMI (Peoples Motor International) has increased its production and shipping of their 1100cc Buggy to Europe, which has been the foremost selling vehicle in this category since introduced to Europe in early 2006. To date, this is the largest volume order of 1100cc vehicles shipped to Europe, at US$1.3 million.
Tank Sports, Inc. signed a Letter of Intent with PMI on September 24, 2007 in Shanghai, China to purchase 100% stock of PMI. According to the agreement, Tank Sports started custodial operation in PMI on Sept 29th, 2007. The proposed acquisition has reinforced production capacity and increased confidence among existing European customers to meet their buying demands. Following the disclosure of the proposed acquisition, PMI re-negotiated with its European customers and committed to its most aggressive delivery schedule of the 1100cc buggies since the introduction of this increasingly popular vehicle. PMI was the first Chinese manufacturer to successfully introduce and certify the street legal buggy in Europe.
PMI CEO, Mr. Thomas Chia states, "Our global customers, particularly in Europe and USA, have expressed a large degree of satisfaction in regards to delivery times, production capacities and production quality that should result from the LOI agreement with Tank Sports. The acquisition will allow us to strengthen our efforts on quality and cost controls, in order to achieve the standards set forth by our valued customers to ensure repeat orders and continued growth."
All products, with a trademark of DZ (Dazon), from PMI are EPA/CARB/EEC certified with production quality endorsed by ISO 900-12001 and CCC (China Compulsory Certificate on Product Quality). PMI's large engine displacement 1100cc buggy is leading the powersports industry and setting the standards for quality control, innovation and after-sales service in China.
About Tank Sports, Inc.
Tank Sports is a leading company that develops, engineers, and markets high performance on-road motorcycles and scooters, as well as off-road all-terrain vehicles (ATVs), dirt bikes and Go Karts in China. It utilizes the so-called "China Concept" to participate in the $31.5 billion annual (data: Motor Industry Council) motorcycle/ATV market. Tank Sports' primary advantage is its efficient distribution network in the U.S.
About PMI, LTD.
Peoples Motor International Group (PMI) was started in 2001 by a team of experienced professionals to produce quality motorcycles, on/off-road buggies and engines at affordable prices to consumers of all countries. PMI has become a well-recognized manufacturer and exporter of their trademark brand, Dazon. Products included under this brand are engines, leisure vehicles and motorcycles and scooters of various engine sizes.
Safe Harbor
The foregoing news release includes numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this news release relating to business developments are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with a small business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on these statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
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