RRUN Ventures Network's RAHX subsidiary has entered into a joint venture with Razzor Records to develop a new nightclub-oriented entertainment venue in the Tampa Bay area.
Once developed, the nightclub-styled venue will become part of the RAHX Network of Clubs. RAHX will become the controlling majority owner of the entertainment establishment and Razzor will retain a minority equity stake.
"We believe this venue, after becoming operational, could potentially generate revenues of approximately $3 million annually with potential earnings of 25% post tax," said Ray Hawkins, founder, chairman and CEO of RRUN.
"We worked diligently to transition our discussions with RAHX into a joint venture arrangement in order to aggressively move forward in the development of the venue," added Razzor Records' Johnny Yates and Craig Blackwell. "As this joint venture is an important step of progress towards revenue for RAHX and RRUN, this initiative is a key step in moving our business to the next level. We look forward to getting started, and anticipate being able to achieve significant developmental milestones in the coming weeks."
Ray Hawkins, founder, chairman and CEO of RRUN, further commented: "Razzor is an ideal joint venture partner. Firstly, the quality site they have brought to the table will be a potential revenue-producing property our shareholders will be happy we are in the process of developing. Secondly, they have had experience with live entertainment, understand the Tampa Bay market very well and have many quality contacts, including the top local radio stations, which can facilitate the marketing of this venue. Although we have many steps to accomplish prior to the scheduled opening of the venue next year, we anticipate success which will enhance our shareholder value."