AUTO;
STAMFORD, Conn., Jun 22, 2000 (BUSINESS WIRE) -- AutoInfo, Inc. (OTCBB:AUTO)
today announced that it has entered into an agreement to acquire Sunteck
Transport, Inc. ("Sunteck"), a full service third party transportation logistics
provider, and its wholly owned subsidiary, Ubidfreight.com, in exchange, upon
closing, for 10 million shares of AutoInfo Common Stock, which will constitute
approximately 37% of the proposed outstanding Common Stock of reorganized
AutoInfo under its Chapter 11 Reorganization Plan.
Sunteck, which was formed in 1997, is a full service third party transportation
logistics provider. Its services include ground transportation coast to coast,
local pick up and delivery, warehousing, air freight and ocean freight. Sunteck
has developed strategic alliances with Less than Truckload (LTL), truckload,
air, rail and ocean common carriers to service its customers' needs. Sunteck's
personnel have in excess of forty years of freight industry experience. Harry
Wachtel, Sunteck's President and sole shareholder, will, upon the consummation
of the merger, become Chairman of the Board, CEO and President of AutoInfo.
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