SOURCE: Las Vegas Railway Express, Inc
LAS VEGAS, NV--(Marketwire - Sep 18, 2012) - Las Vegas Railway Express, Inc. ("X" Train) (OTCQB: XTRN)
The X Train announced that including sales previously disclosed in filings made by the Company with the Securities and Exchange Commission from May 3 2012 until September 13, 2012, the Company has sold an aggregate of 45,640,000 shares of its common stock for an aggregate purchase price (before deducting expenses of the private placements ) of $2,282,000 to accredited investors. The offering is officially closed to investors. The Company intends to use the net proceeds from the private placements in the amount of 2,186,880 to acquire the company's first railset, 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. The X Train was represented in the private placement by Sichenzia Ross Friedman Ference LLP.
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 an introductory price of $99 each way which will include 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.
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.