FOR
IMMEDIATE RELEASE
AVP,
Inc. Announces Meyer Ventures LLC as
Strategic
Co-Investor in Recent $3.5 Million Financing
LOS
ANGELES, September 19, 2008 -- AVP,
Inc.
(OTC Bulletin Board: AVPI) (“the Company”), a lifestyle sports entertainment
company focused on professional beach volleyball, announced today that an
affiliate of Meyer Ventures LLC will be participating in RJSM Partners’ recent
$3.5 million private placement investment in the Company which closed on
September 4, 2008.
Meyer
Ventures LLC is a venture capital firm affiliated with Ocean Road Advisors,
Inc.,
an
investment management company that directs the investment and related management
activities of several leading New York City-based families, including those
of
Edward H. and Anthony E. Meyer. Edward H. Meyer is the past chairman and
chief
executive officer of Grey Global Group, one of the world’s largest advertising,
marketing and communications services groups, from which he retired in
2006. Anthony E. Meyer, president of Ocean Road Advisors, Inc., is
responsible for its private equity and venture capital investment activities,
which are conducted through Meyer Ventures LLC.
In
connection with its investment in the Company, RJSM will be entitled to appoint
two directors, one of which will be a nominee of Meyer Ventures
LLC.
As
previously announced by the Company, the new funds will be primarily used
for
working capital and the continued expansion of the Company’s lifestyle sports
entertainment offerings in professional beach volleyball.
“We
are
excited to add Meyer Ventures LLC as a co-investor in this transaction. They
are
very strategic to AVP, and we look forward to their ongoing involvement with
the
Company.” said Nick Lewin, managing member of RJSM Partners, LLC.
“We
are
delighted that Ed Meyer and his family have become significant investors
in AVP.
We expected that RJSM would provide not only capital but strategic involvement,
and we also look forward to working with the Meyers as AVP builds on its
Olympic
momentum,” said Leonard Armato, AVP chairman, CEO and commissioner.
Additional
details on the transaction will be provided in an upcoming Form 8-K filing
with
the Securities and Exchange Commission.
About
AVP, Inc.
AVP,
Inc.
is a leading lifestyle sports entertainment company focused on the production,
marketing and distribution of professional beach volleyball events worldwide.
One of the fastest growing entities in the sports world, the AVP operates
two of
the industry's most prominent national outdoor touring series, the AVP Pro
Beach
Volleyball Tour (1983) and the AVP Hot Winter Nights Indoor Tour (launched
in
2008). The AVP is set to stage more than 35 events throughout the United
States
in 2008 and features more than 150 of the top men and women competitors in
the
sport. AVP athletes won both the women’s and men’s gold medals at the 2008 Games
in Beijing, marking the first sweep of Olympic beach volleyball gold medals
by a
single country. AVP is headquartered in Los Angeles, Calif., and the company’s
stock trades under the symbol AVPI on the OTC Bulletin Board. For more
information, please visit www.avp.com.
Forward
Looking Statements
Some
of
the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of the Company. We wish to caution you that these statements
involve
risks and uncertainties and actual results might differ materially from those
in
the forward-looking statements, if we receive less sponsorship and advertising
revenue than anticipated, or if attendance is adversely affected by unfavorable
weather. Event-related expenses, such as for the stadium, transportation
and
accommodations, or security might be greater than expected; or marketing
or
administrative costs might be increased by our hiring, not currently planned,
of
a particularly qualified prospect. Additional factors have been detailed
in the
Company’s filings with the Securities and Exchange Commission, including our
recent filings on Forms 10-KSB and 10-QSB.
AVP,
Inc.
Investor
Relations
(310)
426-7177
Media
Contact:
AVP
/ Brener Zwikel & Associates
Crystal
Fukumoto
818.462.5605/Crystalf@bzapr.com
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