Team Sports Entertainment, parent company of Team Racing Auto Circuit (TRAC), announced today that it has completed a private placement of $900,250 in convertible notes. To date the company has received $376,000 of the $900,250 financial commitment with the balance due on May 31, 2003. The notes can be converted, at the holder’s option, into common stock at a conversion price of $0.20 per share. The financing announced today was completed under the same terms as the note holder agreement announced on August 26, 2002. With the financing announced today and the amount raised last August, the total raised pursuant to the convertible notes is $3,170,250. The net proceeds of the offering will be used to fund working capital requirements of the company pending the anticipated receipt of cash proceeds from the sale of team operating rights over the next several months.( TRAC PR ), see more on my TRAC page .(5-13-2003)
