Spire Capital Partners and PBR pleased to announce completion of landmark partnership

COLORADO SPRINGS, Colo. (April 23, 2007) – Spire Capital’s investment in the PBR was completed this afternoon. The regulatory approval and closing of the transaction was made official today following the April 12 vote of the current shareholders of the PBR. Spire has now become the majority investor in the leading global professional bull riding organization.

 “We are thrilled to be partners with Randy Bernard, Ty Murray, Tom Teague and all of the Directors of the PBR who will continue as meaningful shareholders,” said Rick Patterson, a managing member of Spire Capital Partners. “It is exciting that more than 15 of the leading active riders will be shareholders, continuing the tradition started by the cowboys in 1992. These men have created one of the great sports franchises in America’s history.”

Announcing the closing of the partnership, Randy Bernard, Chief Executive Officer of PBR, stated, “We are very excited about the progress the sport has made in the last 15 years but even more excited about the direction for the next 15 years. This affiliation with Spire Capital Partners is going to allow us to set the bar for professional bull riding even higher.”

Headquartered in Colorado Springs, Colo., PBR was founded in 1992 by 20 accomplished bull riders who had a vision to make bull riding a stand-alone sport.  PBR currently operates four domestic tours, including the Built Ford Tough Series presented by Wrangler, U.S. Smokeless Tobacco Company Challenger Tour, Enterprise Rent-A-Car Tour and Discovery Tour, and has a rapidly growing presence in international markets, including Brazil, Mexico, Australia and Canada.  The strength of the PBR brand and the loyalty of the fan base have enabled the PBR to attract an impressive roster of blue-chip sponsors and partners.  PBR’s competitions can be viewed regularly on its cable channel partner, VERSUS, every Saturday and Sunday at 8:00 p.m. ET.  In addition, the PBR will have eight events televised on the FOX and NBC networks in 2007.

Terms of the transaction will not be disclosed.