NEWPORT BEACH, Calif.,–NewBridge Capital Inc., (OTCBB:NBRG) (“NewBridge”) Monday announced that it completed its purchase of SkateSurfSnow.com from Pacific Trading Post.com Inc.
NewBridge created a wholly owned subsidiary, SkateSurfSnow Inc., to complete the transaction.
NewBridge issued 136,000 shares of its common stock and a common stock purchase warrant whereby the holder can purchase up to 1,204,004 shares of NewBridge common stock at a price of $4 per share. SkateSurfSnow Inc. acquired all of the assets and assumed approximately, $90,000 of liabilities in connection with the transaction.
SkateSurfSnow.com operates an e-commerce Web site and retail store in Huntington Beach, Calif., serving the fast growing skateboard, surfing and snowboarding markets. SkateSurfSnow.com sells core action sports products, the latest hard and soft goods, apparel and accessories.
The acquisition of SkateSurfSnow.com provides NewBridge with a platform company to consolidate the action sports product market serving the affluent demographics and passion of the skateboard, surfing and snowboarding markets.
NewBridge’s plan of operation includes identifying operating companies and real property for acquisition. This business plan focuses on making acquisitions of or investments in what management considers businesses that present the greatest opportunities for growth and increased shareholder value.
NewBridge will seek to expand these businesses and provide financial and management services to such businesses.