MINNEAPOLIS -- Viper Powersports Inc. announced $18.9 Million in equity financing. The funding includes $3.9 million PIPE financing completed by Bathgate Capital Partners and $15 Million in the form of a Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners.

Viper completed a $3.9 million PIPE financing through Bathgate Capital Partners of Denver, Colorado acting as placement agent, which consisted of 1,000,000 shares of restricted common stock at $3.90 per share. The company also intends to submit an application to list its common stock on the Archipelago Exchange (ArcaEx).

In addition, Viper signed a Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners of Jersey City, NJ to provide up to $15 million of equity financing to be drawn down over a 24-month period in common stock purchases in increments of up to $500,000. All common stock sold by the company in this SEDA financing will be priced at a 4 percent discount to the then current market price. The company can begin obtaining funding from this SEDA facility as soon it has registered the related common shares with the Securities and Exchange Commission.

"During 2005, Viper has made great strides in product development, expanding intellectual property assets, and now we have gained strong partners in the area of finance," said John Lai, president of Viper Powersports, Inc. "This financing provides the opportunity to launch our motorcycle product line and proprietary engines to the marketplace."

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