NEWS RYUNRespect Your Universe, Inc. Raises Additional Capital Due to High Investor Confidence
Aug 10, 2011 8:00:00 AM
LAS VEGAS, NV -- (MARKET WIRE) -- 08/10/11 -- Respect Your Universe ("RYU") (OTCBB: RYUN) is pleased to announce it has closed a $2,132,607 round of equity financing with a syndicate of accredited investors on August 5th, 2011. For the investment, RYU issued 2,132,607 shares of restricted common stock.
RYU had not planned on conducting this round of financing, but due to the overwhelming investor demand that it received in its previous offering which closed in June 2011, and the improvement of financing terms in this offering, RYU felt it was in the best interest of shareholders to take the opportunity to improve its balance sheet and have the option to deploy the additional funds in a variety of critical areas to increase its ability to leverage its business plan.
With this further investment, RYU adds to its operations budget and will continue to execute its business plan in regards to the development, marketing and distribution of its MMA inspired apparel and merchandise.
Chief Executive Officer Chris Martens stated, "We are thrilled to have such response and believe this latest round of financing is proof that our approach to business and brand model is striking a chord with investors."
Chief Financial Officer Steve Eklund said of the financing, "We really couldn't have asked for a bigger vote of confidence in light of the general economic climate. This additional financing is ahead of schedule and of course helps us extend the implementation of our business plan, but the real value here comes with the validation from our shareholders that we are on the right path."
About Respect Your Universe
Respect Your Universe, Inc. (OTCBB: RYUN) is a premium performance apparel and equipment company rooted in and inspired by Mixed Martial Arts. Focused on the needs of the athlete, RYU brings innovative design, development and production of premium authentic performance gear with style to mixed martial artists and athlete enthusiasts worldwide. The RYU brand is based on respect, honor and sustainability.