CHARLOTTE, North Carolina -- Team Sports Entertainment, Inc. (NASDAQ: TSPT.OB) and its wholly-owned subsidiary, TRAC, announced today that it has received a funding commitment from a TSPT shareholder group led by the South Carolina-based Godley Morris Group, LLC to provide them with $2,500,000 in convertible debt financing. According to the terms of the commitment, the Company will make available $2,500,000 in secured convertible debentures with a conversion price equal to $0.20. In addition, the Godley Morris Group, LLC has requested that of the $2,500,000 investment, that TSPT’s current officers and directors invest a minimum of $500,000 toward the purchase of the debentures as a show of good faith of their belief in the Company’s potential.
Terry Hanson, president stated, “We are delighted to have investment partners that are current TSPT shareholders. Their commitment to invest $2,500,000 in our Company is a good sign that our team racing concept has caught the public’s interest.”
Team Racing Auto Circuit (TRAC) is a newly formed national motor sports league. By combining the best qualities of traditional motor sports with the best attributes of traditional team sports leagues, TRAC is creating a new and exciting form of stock car racing designed to reach the mainstream sports fan. Initially, the league will consist of ten, three-car teams that will be located in major U.S. cities with motor sports venues in the area. Each team will represent its city or region and will participate in a season long schedule of races, in addition to an all-star event and concluding with a season-ending championship race.
To learn more about Team Sports Entertainment and TRAC, please visit www.traczone.com.
Forward-looking statements in this release are made pursuant to the Safe Harbor provision of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is information only, and is not an offer or solicitation.