AutoCorp Equities (ACOR): Tiny Float+Upcoming PR push=$$$$ Message Board

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Microcap & Penny Stocks : AutoCorp Equities (ACOR): Tiny Float+Upcoming PR push=$$$$

ACOR 0.880

-13.8%

Apr 10 5:00 PM EST

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To: Mark Riley who wrote (100)	4/21/1998 10:10:00 PM
From: Andrew H	Read Replies (1) of 231

The Release!! Looks like these guys are straight shooters and playhing by the book. They will get a Nasdaq listing sooner than later. Tuesday April 21, 10:07 am Eastern Time Company Press Release AutoInfo, Inc. Announces $2 Million Debt Retirement and $2.5 Million Increase in Net Worth MONTVALE, N.J.--(BUSINESS WIRE)--April 21, 1998--AutoInfo, Inc. (NASDAQ:AUTO - news) today announced that it has reached an agreement for the retirement of $2 Million 7.55% subordinated notes in exchange for two off balance sheet assets and it s long distance telephone service business. The two off balance assets consist of the Company's preferred stock investment in ComputerLogic, Inc. (''ComputerLogic'') and an equity interest in a start-up corporation pursuing a roll-up transaction of new car dealerships. This transaction resulted in a net gain of $2.5 million on the retirement of debt and write-off of deferred tax liabilities related to the Company's ComputerLogic investment. The Company's preferred stock investment in ComputerLogic was written off in May 1995 due to the poor financial condition of ComputerLogic and its failure to make timely dividend payments. Scott Zecher, President and Chief Executive Officer of AutoInfo, stated, ''The retirement of this debt and the resulting 190% increase in shareholders' equity is part of our ongoing restructuring plan. With other actions taken during the past several months, including significant operating cost reductions and the sale of $13 Million of portfolio assets, we are striving to return the Company to a solid financial base upon which to build shareholder value.'' AutoInfo, Inc. is a specialized consumer finance company that acquires and services retail installment contracts from automobile dealers selling new and used vehicles to non-prime customers. -------------------------------------------------------------------------------- Contact: Scott Zecher (201) 930-1800 Ext. 180 --------------------------------------------------------------------------------

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