weeeeeeeeeeeeeeeeeeeeeeeee this explains AWSS's slow rise ?
Advanced Wireless Systems, Inc. Announces Acquisition
Advanced Wireless Systems, Inc. Announces Acquisition
SCOTTSDALE, Ariz., Feb. 8 /PRNewswire/ -- Advanced Wireless Systems, Inc. (OTC Bulletin Board: AWSS) announced today that it has completed the acquisition of the RAP Group, Inc., dba The Repo Outlet. RAP posted gross revenues of $7.2 million for the year ending December 31, 2000. The RAP Group is located in Fulton, California. The RAP Group is in the business of selling repossessed automobiles for a number of regional and national lending institutions and has access to Credit Union Direct Lending Distribution (CUDL), which is comprised of a matrix system of approximately 140 credit unions located in California, Oregon and Nevada. The Repo Outlet also operates a full facility for preparing the repossessed autos for resale, including a new car franchise, auto broker's license, and full repair and smog shop.
In announcing the acquisition, Stan Wilson, President of Advanced Wireless Systems, Inc. stated "This is our second acquisition of a profitable company within the past year and is in keeping with our goal of becoming profitable through acquisitions of profitable business enterprises." Previously, the Company acquired Daybreak Auto Recovery, Inc., which is the largest automobile repossession business in the Northern California area from Sausalito to the Oregon border.
Wilson also noted "The combination of RAP and Daybreak should materially increase profit potentials because revenues generated by both companies stay within the company as opposed to lending institutions having to hire outside liquidation services." He further stated, "Thus the lending institutions are able to avoid sending repossessed autos to auctions at substantial losses."
Advanced Wireless Systems, Inc. also owns and operates MMDS telecommunications systems in Baton Rouge and Shreveport, Louisiana; Clarksville, Tennessee; Reading, Pennsylvania and Mobile, Alabama.
This news release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-QSB for the quarter ended September 30, 2000 and the annual report on Form 10-KSB for the year ended December 31, 1999.
Contact: Investor Relations Group at 888-556-7450.
SOURCE Advanced Wireless Systems, Inc.
-0- 02/08/2001
/CONTACT: Investor Relations Group, 888-556-7450, for Advanced Wireless
Systems, Inc.; or Stan Wilson, President of Advanced Wireless Systems, Inc.,
480-946-3242/
/Web site: awireless.net
(AWSS) |
