August 7, 2008
Rapid Fitness, Inc. Announces Marckensie Theresias of Reomt, LLC. Elected to Board of Directors
Rapid Fitness, Inc. (PINKSHEETS: RPDI), a publicly traded company currently on the Over the Counter, announced that having signed definitive agreements to acquire Reomt, LLC. and the "Lucky Linda" gold mine claim, Marckensie Theresias of Reomt, LLC. has been elected to the Board of Directors of Rapid Fitness, Inc. Under the agreement, Rapid Fitness has acquired Reomt, LLC. and the 160 acre gold mine in Nevada called and filed as the "Lucky Linda" claim. After closing the deal, the Board of Directors of Rapid Fitness unanimously voted Mr. Theresias to the company's Board of Directors and to the office of Executive Vice President of the company. Mr. Theresias has accepted both appointments and management stated it has begun developing the mining process, including soon-to-be-announced commitments from equipment vendors that will facilitate the initial processing allowed by the State of Nevada during the preliminary permitting process. Allowed by the state, this initial process will entail 900 tons of earth to be processed from the site with estimated revenues to the company of $5,600,000.00 from gold and other precious metals.
About Marckensie Theresias: Both in his capacity as a developer and as a consultant, Mr. Marckensie Theresias has played an active role in obtaining re-zoning and coordinating land planning processes for several large tracts of property throughout the United States and abroad. In the past he has served as Sales Manager of a multinational private lending company located in South Florida and for the last seven years has led his own real estate development firm in Fort Lauderdale, Florida. He was involved with the development of over US$3,050,000,000 of domestic and international real estate projects, both residential and commercial in nature, utilizing conventional financing methods as well as financing through the leveraging of financial instruments. Mr. Theresias has utilized financial instruments to fund various projects since 1999 which ranged in value from US $150,000,000.00 to US $1,300,000,000.00.
Rapid Fitness President & CEO Anthony Mellone stated, "This is an extremely exciting deal for the company and inevitably one that results in increased shareholder value. While I am marginally disappointed in the current price per share, we are confident that in the long run Lucky Linda and other opportunities presented the company -- including ERHU and our increasing holdings diversification -- will simultaneously reward our loyal shareholders and thwart any potential naked short selling activities or market abuses. I would like to reassure shareholders that while growing the company's bottom line is our day-to-day business, we are examining any potentially negative market activities impeding our long term value, and exploring direct means of recourse."
Safe Harbor Provision
This news release includes forward-looking statements, including with respect to the future level of business for the parties. These statements are necessarily subject to risk and uncertainty. Actual results could differ materially from those projected in these forward-looking statements as a result of certain risk factors that could cause results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties and events that may be beyond the control of Rapid Fitness, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain and successfully complete projects, the availability of technical personnel, changes in technology and competition.
Contact: Anthony Mellone 954-772-2640 Email Contact
SOURCE: Rapid Fitness