Pickups Plus, Inc. Completes Acquisition Of Auto Preservation Division of Automotive
International, Inc.; Acquisition To Double Revenue of Company, Boost Profitability
CINCINNATI, May 5, 2004 (BUSINESS WIRE) -- Pickups Plus, Inc. (OTCBB: PUPS), a
leading retailer and national franchiser in the $38 billion truck and SUV
aftermarket accessory industry, today announced it has completed the acquisition
of the Auto Preservation Division of Automotive International Inc. ("AI") a
privately owned Cincinnati, Ohio-based company. AI is a major supplier of car
care and environmental protection products. Its Auto Preservation division
("AP") provides automotive dealerships a single source solution for their new
vehicle preparation, environmental protection packages, pickup truck and SUV
accessories, and detail and reconditioning products and services.
"This acquisition is a significant event in our company history and marks the
first major step in Pickups Plus' expansion plans," said Merritt Jesson,
president and chief executive officer of Pickups Plus. "While it immediately
doubles our revenues and significantly boosts our profitability, what's really
exciting is the growth potential it provides our company stores and
franchisees."
"The Auto Preservation sales, management and processing staff are a valuable
addition to Pickups Plus," added Jesson. "This experience and talented group
processed 15,000 vehicles last year in. the Cincinnati area alone. Its service
offering rounds out our dealership program and provides our franchisees and
company stores an immediate and ongoing revenue stream that utilizes many of the
same assets and facilities that are already in place allowing us accelerate the
expansion of our concept nationwide."
"The combination of our two companies is a natural fit and a win, win situation
for all parties involved," said Richard Hallberg, Jr., president and CEO of
Automotive International, "Our dealership customers will receive the same level
of service our Cincinnati customer base has come to expect for the past two
decades while we aggressively roll out this turnkey offering nationwide to
dealerships and distributors."
About Pick-Ups Plus, Inc.
Pick-Ups Plus, Inc. is a leading operator and franchiser of retail automotive
parts and accessories stores catering to the light truck market, which is
considered to be the fastest growing segment of the motor vehicle market in the
United States. There are currently six Pick-Ups Plus franchised locations and
two Company owned-stores in operation. The Company intends to pursue an
aggressive expansion strategy by opening additional company-owned stores and
franchise locations to become the first nationwide chain in its growing, but
highly fragmented industry. For more information about the Company go to
www.pickupsplus.com and look for updates in the Chairman's Letter, which will be
posted monthly.
SOURCE: Pick-Ups Plus, Inc.
CONTACT:
Pick-Ups Plus, Inc.
Sean Hayes, 860-633-0377
shayes@Pickupsplus.com
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