First Priority Group and Consumers Car Club Agree to Discontinue Merger Talks
PLAINVIEW, N.Y., Feb. 11 /PRNewswire/ -- First Priority Group, Inc. (Nasdaq: FPGP - news) announced today that the Company and Consumers Car Club discontinued the previously announced merger discussions. Chairman and CEO, Barry Siegel stated today, ''Michael London, President and CEO of Consumers Car Club, and I agree that the interests of both companies would be best served by each pursuing our Internet based strategies independently.'' Consumers Car Club is proceeding to strengthen their position as a premier automotive web site. First Priority Group is developing an Internet based business to provide unique insurance industry and vehicle managed care services.
Maintaining separate Internet paths will allow First Priority Group the flexibiliy to provide unique services to other automotive and insurance related Internet based enterprises, as well as Consumers Car Club, through joint ventures and/or web site partnerships. First Priority Group services will be available both on and off the Internet. The Company has been in discussions to retain an investment banking firm to assist it in reviewing strategic business alternatives related to development of the Company's Internet business and any necessary fund-raising in the private and/or public equity markets. Additionally, the Company has been negotiating with a number of strategic partners related to the Company's business.
First Priority Group, Inc. is primarily engaged in automotive fleet management and administration of automotive repairs for businesses, insurance companies and members of affinity groups. The services offered by First Priority consist of vehicle maintenance and repair management, including collision and general repair program, appraisal services, subrogation services, vehicle salvage and vehicle rentals; and the administration of automotive collision repair referral services for self insured fleets, insurance companies and affinity group members.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the Company's business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in the Company's Securities and Exchange Commission filings.
SOURCE: First Priority Group, Inc. |
