SALT LAKE CITY, Jan. 27, 2011 (GLOBE NEWSWIRE) -- Following our latest Board of Director's meeting, it has been determined through in-depth discussions with various venture capital and financial institutions, which included analysis of projected future operating expenses, that Sport Endurance Inc. (OTCBB:SENZ) is in serious financial trouble and in all likelihood will have to cease its current operations. "The company had been hemorrhaging money for sometime while under the control of the previous management team," said newly appointed CEO Gerald Ricks, who went on to say that "the prior involvement with Cohiba Partner's and Calbridge Capital which negatively manipulated the common shares and the market had a devastating effect on the innate value as well as the intrinsic value of the company."
"We just want to be completely up front regarding our future as a company with our investors. Unless a viable funding source can be immediately implemented, Sport Endurance, Inc.(OTCBB:SENZ), will be forced to close their doors within the next two weeks," said Gerald Ricks. "Sustaining a company of this size, with this kind of potential, in these markets, takes cash. Our ability to maintain sufficient liquidity and growth is completely dependent on our ability to raise the sufficient capital to satisfy our short and long-term requirements. Right as it appeared that we could turn the corner and make a new beginning with the company, it seems doubtful if we can survive at all without the proper financial backing in place," said Ricks. "These are uncertain times we live in and as disparaging as it sounds, we can bounce back with funding, but only if we can secure in time."
Safe Harbor Disclaimer
This material includes forward-looking statements based on management's Current reasonable business expectations. In this document, the words "can," "anticipates," "believes" and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities Act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future.
CONTACT: Sport Endurance, Inc. Gerald Ricks, President 888-511-9018