Peacock Financial Joins Forces With Former Lamborghini President to Expand
Internet Powersite
get your Lammy's here: LOLOLOL! :-)))))
Business Editors
SAN JACINTO, Calif.--(BUSINESS WIRE)--Dec. 13, 1999--Peacock
Financial Corp. (OTCBB:PFCK) today announced that it has signed a
joint venture agreement with iNetPartners Inc.
Peacock Financial will provide iNetPartners expansion capital via
its venture fund for a 51 percent interest in the newly formed entity.
Created to specialize in Internet commerce, iNetPartners was founded
by Robert A. Braner, a 30-year automotive veteran and past president
of Automobili Lamborghini, operating the North American and South
American markets for the famed Italian sports car manufacturer.
"We are pleased to have been selected by Peacock Financial as a
portfolio company," stated Braner, president of iNetPartners. "With
the strong commitment from Peacock, and valuable technical and
Internet expertise from DotCom Ventures, a Peacock subsidiary, we will
allocate resources to Web site expansion, market penetration, exposure
and overall brand equity."
iNetPartners currently owns an active Web site, www.123adc.com,
Auto Discount Centers, which operates in the rapidly growing online
car buying and service market.
"iNetPartners is represented perfectly in keeping with Peacock
Financial Corp.'s investment policy," commented Steve R. Peacock,
president. "We seek opportunities in the e-commerce arena that have
exceptional management behind them, and that are both revenue and
market-share driven.
"And, we look for firms with strong business plans that quickly
lend themselves to being taken public so as to provide an exit
strategy. We have a high level of expectation from Robert Braner and
iNetPartners to develop into a significant business that will benefit
all shareholders, which may include a stock dividend to Peacock
shareholders in the future."
About Auto Discount Centers -- www.123adc.com
Regionally branded Auto Discount Centers (www.123adc.com)
provides a dynamic and very comprehensive automotive Internet site,
offering consumers a positive purchasing and ownership experience.
Braner, who also holds the position of CECO of ADC, stated, "We
have developed a very unique 'Virtual Region' strategy that
streamlines local accessibility to pre-owned and new vehicles for the
consumer, and builds strongly on the dealer-to-consumer relationship."
Industry research shows that some 85 percent of new and used
vehicles bought by consumers are purchased within 20 to 35 miles of
the home or workplace.
Braner continued: "Most importantly for the company, our business
model prioritizes and features pre-owned vehicles. A July 1999
statement by J. D. POWER & ASSOCIATES indicates not only has the
number of people purchasing a new vehicle through an online buying
service more than doubled in the past 12 months, but 26 percent of
consumers buying pre-owned 1994 through 1999 model year vehicles are
in fact using the Internet to help them with their purchase."
Industry sources report that consumers' Internet research
influenced $46 billion in car purchases in 1998. The convenience and
cost-effectiveness of shopping for pre-owned automobiles on the
Internet is clearly an established growth trend.
About Peacock Financial Corp.
Peacock Financial is a fully reporting investment holding company
registered with the Securities and Exchange Commission as a Business
Development Corporation under the Investment Company Act of 1940.
Current holdings include investments in real estate and in investment
banking specializing in professional sports and the Internet.
The company's Web site is www.peacockfinancial.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein that are not
historical are forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements, including but
not limited to, certain delays beyond the company's control with
respect to market acceptance of new technologies or products, delays
in testing and evaluation of products, and other risks detailed from
time to time in the company's filings with the Securities and Exchange
Commission.
--30--mt/la* jel/la
CONTACT: Peacock Financial Corp.
Steven R. Peacock, 909/652-3885
or
Stock Enterprises
Jim Stock, 702/614-0003 (investors)
KEYWORD: CALIFORNIA INTERNATIONAL EUROPE LATIN AMERICA
INDUSTRY KEYWORD: AUTOMOTIVE INTERNET E-COMMERCE
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 *** |
