AUTO - good valued co.in recession free industry Message Board

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Microcap & Penny Stocks : AUTO - good valued co.in recession free industry

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To: GP Kavanaugh who wrote (121)	4/29/1998 12:40:00 PM
From: WVMayor	Read Replies (1) of 205

NEWS AutoInfo, Inc. Announces Sale of Automobile Receivables MONTVALE, N.J. (April 29) BUSINESS WIRE -April 29, 1998--AutoInfo, Inc. (NASDAQ: AUTO) today announced the sale of 971 automobile receivables with a net balance of approximately $7.1 million for cash proceeds of approximately $6.2 million. Such proceeds were used to reduce the outstanding balance on the Company's warehouse facility. Scott Zecher, President and Chief Executive Officer of AutoInfo stated, "This sale brings our total sales of automobile receivables to approximately $20 million. These sales coupled with the recent retirement of $2 million of subordinated debt and other cost saving efforts implemented by the Company during the past several months are in furtherance of the Company's restructuring plans aimed at establishing 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.

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