PSPF retires liabilities

[stockdog]

Power Sports Factory Announces Retirement of $1,279,851 in Liabilities and $260,000 in Equity Investment
Feb 8, 2010 8:45:00 AM
2010 GlobeNewswire, Inc.

PHILADELPHIA, Feb. 8, 2010 (GLOBE NEWSWIRE) -- Power Sports Factory, Inc. (OTCBB:PSPF), the exclusive importer and distributor of fuel efficient motorbikes and scooters under Andretti and Benelli brands, announces that it has significantly improved its Balance Sheet by reducing its liabilities by $1,279,851 and has received $260,000 in exchange for equity since October 23rd, 2009.

"We are very pleased that our Investors, Vendors and Manufacturing Partner are willing to take common stock in exchange for their outstanding balances," said CEO Shawn Landgraf. "It is truly a testament to their belief in our organization and the bright future of Power Sports Factory."

Shawn Landgraf adds, "We believe that these debt conversations were executed in the best interest of the PSF and structured to resolve company payables and clean up the balance sheet. These moves we believe have made Power Sports Factory a more attractive company to the investment community and we fully anticipate successful negotiations for an infusion of additional investment capital in the 1st quarter of 2010."

Power Sports Factory, Inc, (OTCBB:PSPF) imports, markets and distributes motorbikes principally under the "Andretti," "Benelli" and "Yamati" brands. Additional information is available on the Power Sports Factory website at http://www.powersportsfactory.com and www.sec.gov. Power Sports Factory's line combines top performance, competitive pricing and cutting-edge European designs by Benelli, prestigious designer and manufacturer of some of the best motorcycles in the world. The Benelli line is known for its high-quality construction and superior styling, making it the smart choice for consumers. With today's volatile price of fuel, motorbikes are a smart alternative for people looking for superb gas mileage.

The Power Sports Factory, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6670

BikeShareSource(TM) is the company's recently launched Alternative Transportation Division. This new division markets Bike Sharing Systems to municipalities and transit agencies, property managers and real estate developers, colleges and universities, military institutions, hotels, parks and other transportation related businesses. Additional information is available at www.bikesharesource.com.