| **Press      Release
Source:      Renovo Holdings** 

RenovoHoldings Announces Receipt of Cash Distribution

TuesdayOctober 12, 4:19 pm ET

 

PANAMACITY, Fla.--(BUSINESS WIRE)--Oct. 12, 2004--Renovo Holdings (OTCBB:RNVO - News)announced that the Company recently received the first cash distribution underterms of the $5 million Standby Equity Distribution Agreement (SEDA) between theCompany and Cornell Capital Partners, L.P.

 

Underthe SEDA, Cornell has committed to provide up to $5 million of funding to bedrawn down at Renovo's discretion by the purchase of the Company's common stock.The Company may request an advance under terms of the agreement during anysix-day period in exchange for issuing Cornell shares of common stock. Thefacility may be used in whole or in part entirely at the Company's discretionper terms of the agreement.

 

StephenW. Carnes, CEO of Renovo Holdings stated, "The funding agreement withCornell Capital will enable the Company to have access to the capital that itneeds to spur growth for the Company. I am pleased with the funding arrangementas it provides the Company with access to capital in a manner that enables theCompany the flexibility to receive funds at the Company's sole discretion."

 

Additionally,Carnes stated, "A great deal of time and effort was put forth by CompanyManagement in order to secure and have access to the funding provided underterms of the SEDA with Cornell Capital and I am very pleased that RenovoHoldings is now able to begin benefiting from all those efforts. Ready access tofunding is a key ingredient to any company 's operations and growth potential. Ibelieve that the Company is very fortunate to have access to up to $5 million infunding under terms of the SEDA as well as having recently received theCompany's first cash distribution under terms of the agreement."

 

AboutRenovo Holdings - Renovo Holdings is a publicly traded company on theOver-the-Counter Bulletin Board under the symbol RNVO. The Company is presentlya development stage company that intends to capitalize upon the niche marketopportunities within the commercial and residential restoration service markets.More information is available about Renovo Holdings at http://www.renovoholdings.com.

 

For upto date corporate information about Renovo Holdings, contact Stephen W. Carnesat 407-435-3959. E-mail: info@renovoholdings.com.

 

Thispress release contains certain "forward-looking" statements, asdefined in the United States Private Securities Litigation Reform Act of 1995that involve a number of risks and uncertainties. Statements, which are nothistorical facts, are forward-looking statements. The Company, through itsmanagement, makes forward-looking public statements concerning its expectedfuture operations, performance and other developments. Such forward-lookingstatements are necessarily estimates reflecting the Company's best judgmentbased upon current information and involve a number of risks and uncertainties,and there can be no assurance that other factors will not affect the accuracy ofsuch forward-looking statements. It is impossible to identify all such factors,factors that could cause actual results to differ materially from thoseestimated by the Company. They include, but are not limited to, the affect onthe Company's cash position or stock value as the result of the SEDA, theCompany's ability to execute its business strategy, the Company's ability toconsummate and complete acquisitions, the Company's access to future capital,the successful integration of acquired companies, government regulation,managing and maintaining growth, the effect of adverse publicity, litigation,competition and other factors that may be identified from time to time in theCompany's public announcements. The Company undertakes no obligation to reviseor update such statements to reflect current events or circumstances after thedate hereof or to reflect the occurrence of unanticipated events.

 
*Contact:

RenovoHoldings, Panama City

StephenW. Carnes, 407/435-3959

E-mail:info@renovoholdings.com

 

Source:Renovo Holdings***** |
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