AimRite Concludes Agreement for One Million Dollar Phased Investment
20 September 2000
AimRite Concludes Agreement for One Million Dollar Phased Investment
SAN DIEGO--Sept. 20, 2000--AimRite Holdings Corporation (OTC-BB:AIMH) has announced that it has concluded an agreement which will provide the company with a source of working capital of up to one million dollars ($1,000,000.00). The funds will be available as needed to expand the scope of the company's development of the Original Equipment Manufacturer (OEM) market and post-production automotive applications.Mary Kay Coleman, Acting President of AimRite observed: "It is rare, in the company's opinion, that such investments are made in trading companies that have not completed the Securities Exchange Commission relisting process to return them to full Over the Counter (OTC) or higher trading status. AimRite underwent a thorough 'due diligence' examination over the last several months by the investing entity's representatives before the agreement was concluded. We believe that the successful placement of the funding into AimRite reflects a high degree of confidence in the current management of the company, the team spirit of the engineers and marketing staff, the operational plan developed and implemented by the board over the last several months and our core stockholders. It additionally recognizes that the SEC's relisting process is one that inevitably involves delays and frustrations but does not impact the company's focus on its primary goals of bringing the COAST system to major manufacturers on a mass-production basis."
COAST (Computer Optimized Adaptive Suspension Technology) is a revolutionary suspension control system that uses Variable Constant Force(TM) to achieve unparalleled ride luxury, safety and performance for virtually all automotive, truck, bus and RV applications. COAST accomplishes all this by eliminating conventional shocks and anti-sway bars and replaces them with simple, but patented and powerful hydraulic suspension control units. The units incorporate extremely powerful and sophisticated patented software to make precision adjustments at each wheel 400 times per second. The results is an electronically controlled suspension system that can optimally control up to nine dynamic areas of suspension performance: including roll, pitch, body motions, wheel motions and bottoming/topping out. AimRite believes that COAST is the most powerful and flexible suspension control system ever developed. And with little or no direct competition, COAST will be sought after well into this century.