Tennis management firm raising capital through IPO
A small Reno tennis management company is looking to raise $150,000 through a public offering of common stock.
Thermal Tennis Inc. plans to use the money to fund a program to manage tennis facilities in the region and to ramp up retail sales of tennis merchandise, the company said in prospectus it filed with the Securities and Exchange Commission.
The company is headed by Bob Deller, a one-time collegiate champion who played tennis professionally. He worked as tennis director at the Caughlin Club in Reno from 2001 through 2006 and most recently has been a marketing representative for California Products Corp., a manufacturer of tennis surfacing materials.
In the prospectus, the company says Deller is negotiating to operate tennis facilities at several sites in northern Nevada and around Lake Tahoe.
He plans to use members of the University of Nevada, Reno, tennis teams as teachers at summer programs at tennis courts and is attempting to develop a northern Nevada tennis training academy.
Thermal Tennis also has a non-exclusive contract for worldwide marketing of the Ace Attack, a tennis ball machine manufactured by Sports Attack LLC of Verdi.
The company didn’t generate any significant revenue during 2007 as it worked on organization and financing. It posted a loss of $15,159 in the year.
Deller is personally selling shares in the public offering, which is structured at 600,000 shares priced at 25 cents each. The company has set a minimum purchase of 2,000 shares $500 worth of stock.
The company says in its prospectus that it expects the proceeds of the public offering will cover its cash needs for at least a year. After the expenses of the public offering are paid, Thermal Tennis expects to net about $125,000 from the sale of stock.
Today, RSAR published its newest monthly market report, revealing a median price for single-family homes of $415,000 for Reno/Sparks in March.