LAS VEGAS, NV -- (Marketwired) -- 04/24/13 -- Las Vegas Railway Express, Inc. ("X" Train) (OTCQB: XTRN)
X Train announced that the Company has completed and closed an aggregate of $2,380,000 of convertible notes to accredited investors. The Company intends to use the net proceeds from the private placements to develop the company's first prototype passenger car along with station site development costs and engineering, as well as general operating expenses.
"We are pleased with the interest on the part of investors in the private placement," stated Michael Barron, President and CEO of the Company. "We think we are prepared for the next phase of development of our project now," he remarked. GVC Capital LLC was the Placement Agent for the Convertible Note offering.
About Las Vegas Railway Express, Inc
Las Vegas Railway Express, Inc. has been planning for the establishment of a "Vegas Class" passenger train service between Los Angeles and Las Vegas since early 2009. Service departures are planned to be Thursday and Friday to Las Vegas with returns on Sunday back to Los Angeles. The Company expects to offer a Vegas Class accommodation and all-inclusive food & beverage. In addition, the "X" Train will also offer the ability for its passengers to book hotel rooms, transportation transfers, entertainment & show tickets and other travel incidentals. For more information, please visit the Company website at http://www.vegasxtrain.com.
About GVC Capital LLC (GVC)
GVC is an innovative investment banking firm headquartered in the Denver suburb of Greenwood Village, Colorado. GVC focuses primarily on providing comprehensive investment banking services to underexposed and undervalued microcap companies.
GVC is committed to a simple operating philosophy: provide exceptional emerging companies with the financial and professional resources necessary to achieve long-term goals, fulfill outstanding potential, and maximize shareholder value.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent of obligation to update these forward-looking statements.
The securities described above were sold by the Company in private placements and were not registered under the Securities Act of 1933, as amended (the "Securities Act"). The securities were sold in reliance upon exemptions from the registration requirements of the Securities Act pursuant to Regulation D promulgated under the Securities Act. Therefore, the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.
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