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RocketCity (RCAU) Releases Preliminary Financials Showing Nearly $15.1M in Cash Assets Friday June 1, 6:00 am ET
ORLANDO, Fla.--(BUSINESS WIRE)--Rocket City Automotive Group, Inc. (PINK SHEETS: RCAU - News), announced today that is has released preliminary un-audited financials to its shareholders and the general public. As previously released and in addition to their existing legal and accounting teams, RCAU has retained both separate legal and financial counsel to finalize an SB-2 filing as well as become a fully reporting organization. Preliminary financials through April 2007 include:
Cash & Cash Equivalents: $14,200,000 Receivables: $785,312 Property & Equipment: $177,817 Other Assets: $18,530 Total Assets: $15,181,659 ----------------------------------------------------------------------
Current Liabilities: $136,993 ----------------------------------------------------------------------
Current Issued and Outstanding Shares: 85M Shares (Approx) ----------------------------------------------------------------------
During the month of May, RCAU is projecting a minimum of an additional $85,000+ of subscription revenue generated through the CompleteAuto Listing Software for eBay Motors product which was formally launched in February 2007. In addition to incoming revenues, RCAU has surpassed their revenue generated in the entire year of 2006 prior to any formal marketing or sales efforts and is on pace through the increased subscription agreements to realize their financial projections for 2007.
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