(COMTEX) B: M&A West Inc. to Acquire The Mobile Office Outfitter; Company positions itself in $600 million industry
SAN BRUNO, Calif., Oct 23, 2000 (BUSINESS WIRE) -- Technology holding company M&A West Inc. (OTCBB: MAWI) has signed a letter of intent to acquire 100% of The Mobile Office Outfitter(TM), a supplier of business-related automotive accessories.
The Mobile Office Outfitter, currently based in Pleasanton, California, was formed in 1990. It carries a wide variety of office supplies that businessmen and women may use while traveling on the go in their vehicles. Accessories range
from mobile desks and workstations, laptop computer stands, vehicle power supplies, wireless hardware, mobile organizers and educational resources.
The Mobile Office Outfitter has several very promising agreements in place with major companies that we believe will ensure its continued success. Such companies include:
General Motors Service Parts Organization, which has a three-year contract with The Mobile Office Outfitter for its AutoExec seat work station; The Mobile Office Outfitter acts as the wholesaler in this agreement. General Motors (NYSE:GM) has approximately 8,800 dealerships in the United States alone, with more in Canada that drives the demand for this item. The distribution of this product is expected to go worldwide in coming months.
Office Depot (NYSE: ODP) has placed approximately one dozen of The Mobile Office Outfitter's products in its catalog.
Cellular One, Sprint (NYSE: FON), Verizon (NYSE: VZ) and US West are purchasing The Mobile Office Outfitter's patented "Phone Dock" product; and the market response from such purchasers has been very strong as this accessory is one of
The Mobile Office Outfitter's most profitable items.
Ford Motors (NYSE: F) has a new division that will be distributing mobile office-related products shortly. The Mobile Office Outfitters will be selling its "Mobile Gear" line of accessories to this Ford division. This partnership is expected to commence within the first quarter of 2001.
"The acquisition of The Mobile Office Outfitter is something we're all very excited about," says Scott Kelly, president and CEO of M&A West Inc. "The mobile office products industry has an estimated $600 million market size, in the United States alone. Tapping into just 5% of this market with the correct acquisitions and resources within The Mobile Office Outfitters, M&A West expects
to generate $30-50 million in annual revenues within the next 18-24 months as a result of this acquisition and future acquisitions The pending and on-going partnerships that the company has with GM, Ford, Cellular One and others will bring an immediate flow of revenue to M&A West and will open many doors of opportunity for us to explore not only with Mobile Office Outfitters, but perhaps in conjunction with our other subsidiaries and portfolio companies."
About M&A West Inc.
M&A West Inc. has four primary business objectives. The first is to be a leader in the acquisition and development of Internet and technology companies. The second is to provide seed capital to newly emerging technology companies. The third is to provide a full line of business services to emerging micro-cap companies to increase awareness of their business. The fourth is to create and
grow offshoot Internet-related companies under the M&A West Inc. umbrella.
M&A West competes in the B2B space along with Ariba Inc. (Nasdaq: ARBA), PurchasePro.com Inc. (Nasdaq: PPRO) and Commerce One Inc. (Nasdaq: CMRC).
Recent news releases and additional information about M&A West Inc. may be found on the company's home page at www.mawest.com.
Statements regarding financial matters made by M&A West, Inc. (MAWI) in this press release other than historical facts are "forward-looking statements'" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues
and earnings and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This information is not a recommendation to buy or sell securities in MAWI.
CONTACT: M&A West Inc.
Rick West, 650/827-7308 (Public Relations)
Rick@mawest.com
Jerry Frear, 570/322-8061 (Investor relations)
Jerry@mawest.com
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