Georgia Bard's Corner Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Georgia Bard's Corner

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Ga Bard who wrote (843)	4/29/1998 10:13:00 AM
From: Ga Bard	of 9440

(BSNS WIRE) AutoInfo, Inc. Announces Sale of Automobile Receivables AutoInfo, Inc. Announces Sale of Automobile Receivables Business Editors MONTVALE, N.J.--(BUSINESS WIRE)--April 29, 1998--AutoInfo, Inc. (NASDAQ: AUTO) today announced the sale of 971 automobile receivables with a net balance of approximately $7.1 million for cash proceeds of approximately $6.2 million. Such proceeds were used to reduce the outstanding balance on the Company's warehouse facility. Scott Zecher, President and Chief Executive Officer of AutoInfo stated, "This sale brings our total sales of automobile receivables to approximately $20 million. These sales coupled with the recent retirement of $2 million of subordinated debt and other cost saving efforts implemented by the Company during the past several months are in furtherance of the Company's restructuring plans aimed at establishing a solid financial base upon which to build shareholder value." AutoInfo, Inc. is a specialized consumer finance company that acquires and services retail installment contracts from automobile dealers selling new and used vehicles to non-prime customers. --30--kvc/ny* CONTACT: Scott Zecher (201) 930-1800 Extension 180 KEYWORD: NEW JERSEY INDUSTRY KEYWORD: BANKING AUTOMOTIVE Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next