From the Wires
Rocket Racing League(R) Completes Institutional Financing
Rocket Racing League Closes Multi-Million Dollar Financing
Jul. 3, 2009 09:00 AM
NEW YORK, NY -- (Marketwire) -- 07/03/09 -- The Rocket Racing League® today announced
the closing of a $5.5 million dollar financing round, ensuring the next
phase of development of the league. It also announced the appointment of a
new President & CEO and the commencement of manufacturing activities for
its next generation Rocket Racer®.
The financing round, led by Augustus Ventures Limited and America's Cup
winner Bill Koch, puts the League on track for execution of its plans to
launch the world's first interactive sport pitting pilot against pilot in
manned rocket powered airplanes competing through a Raceway-in-the-Sky(TM).
Leading the Rocket Racing League in this next phase of growth is aviator,
gaming and simulation "serial entrepreneur" Ramy Weitz. Mr. Weitz has been
a director of the Rocket Racing League on behalf of Equalia Capital SA from
inception in 2005, and is also a leading aviator actively piloting some of
the world's most advanced aircraft in operation today. Mr. Weitz takes
over from Granger Whitelaw who will remain actively involved as Co-Founder,
director and advisor to the League during this next important phase of
growth. "I have enjoyed leading the company for the past 4 years and look
forward to handing the day to day operations over to my friend Ramy," said
Granger Whitelaw, Co-Founder. "Ramy has a fantastic technology background
and is a perfect choice for us as we focus on building the next phase of
Rocket Racing and I am excited to help him do it."
July 2009 also marks the kick-off of the manufacture of the League's next
generation Rocket Racer, an advanced design based upon the current ships
already built, flown and FAA-certified in 2008, in a collaborative
partnership with Armadillo Aerospace of Rockwall, Texas and Velocity, Inc.,
of Sebastian, Florida.
"I am honored to begin my new role at Rocket Racing, having served for the
past three years as a Director. With a renewed focus on our technology
development and rollout of the newly designed Rocket Racers, I believe we
will soon deliver an exciting new sport to our fans everywhere," said Ramy
Weitz, Rocket Racing's newly appointed CEO.
"The successful close of this financing round during a down economy is
validation of the League's business plan and its ability to hit key
milestones as we move closer to the launch of this new and exciting sport,"
said Dr. Peter H. Diamandis, Rocket Racing League co-founder and Chairman
of the Board. "The Board fully supports Ramy's near-term focus on
technology development and demonstration. I personally look forward to his
leadership which will take the Rocket Racing League into its operational
and revenue stage of growth."
About The Rocket Racing League®
Founded in 2005 by X PRIZE Chairman Peter H. Diamandis, MD, and two-time
Indianapolis 500 winning team partner Granger Whitelaw, the Rocket Racing
League® (RRL®) is a new entertainment sports league that combines the
exhilaration of racing with the power of rocket engines. To be held at
venues across the country, the Rocket Racing League will feature multiple
races pitting up to 10 Rocket Racers against each other in a 4-lap,
multiple elimination heat format on a 5-mile "Formula One"-like closed
circuit raceway in the sky. For more information on the Rocket Racing
League, please visit www.rocketracingleague.com.
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