PORTLAND, Ore., Dec. 13, 2013 /CNW/ - Respect Your Universe, Inc. ("RYU") (TSX VENTURE: RYU) (OTCQB: RYUN) announced today the closing of an offering of a promissory note (the "Note") in the principal amount of US$500,000. The Note has a maturity date of January 1, 2015 and bears interest of 15% per annum, which is payable each fiscal quarter. The Note is secured by all of the assets of RYU. In connection with the issuance of the Note, RYU issued to the holder warrants to purchase up to 300,000 shares of common stock of RYU at an exercise price of $0.25 until January 1, 2015. RYU continues to seek additional financing.
All securities issued in connection with the financing will be subject to a statutory hold period. None of the securities issued have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful
About Respect Your Universe:
Respect Your Universe, Inc. is a vertically integrated, active lifestyle apparel brand focused on the needs of individuals and athletes alike. The men's and women's performance and active wear lines are specially designed for people who love to move, feel comfortable and look great. Crafted from organic and/or recycled materials, our products are also designed to help nurture the environment. For more information, visit www.ryu.com .
On Behalf of the Board
RESPECT YOUR UNIVERSE, INC.
/s/ Craig Brod
CEO and Director
Statements regarding future financings of RYU are "forward-looking statements", which are subject to risks and uncertainties, which may cause the actual results, performance or achievements of RYU to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that RYU may be unable to open any new stores, changes in general economic or market conditions that could impact consumer demand for RYU's products, RYU's ability to execute on its business plan, and RYU needs additional capital, which it may be unable to obtain on terms acceptable to RYU. Except as required by law, RYU undertakes no responsibility to update any of the forward-looking statements contained in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
818 North Russell Street
Portland, OR 97227
Tel: +1 877 798 8326
SOURCE: Respect Your Universe, Inc.
For further information:
Investor Relations, Tel: +1 877 367 0704, Email: email@example.com; or Media Inquiries, Public Relations, Respect Your Universe, Inc., Tel: +1 877 798 8326, Email: firstname.lastname@example.org