Hey there were two !! - Thursday February 25, 11:11 am Eastern Time
Company Press Release
SOURCE: Texas Equipment Corporation
Texas Equipment and MBT International, Inc. Have Agreed in Principle to Market Agricultural Equipment on the Internet
SEMINOLE, Texas, Feb. 25 /PRNewswire/ --
Texas Equipment Corporation (Nasdaq: TEXQ - news) today announced an agreement in principle with MBT International, Inc. (Nasdaq: MBTI - news) wherein Texas Equipment Corporation will be appointed the exclusive Texas based marketer to sell agricultural equipment on MBTI's AgriMall.com web site. The Company will list all of its used equipment (estimated at $15 million) in its storefront on the AgriMall.com web site. TEXQ's exclusive storefront will provide it access to more than 200 MBTI sales agents, who sell equipment, and to its growing user base.
MBTI is the parent company of AgriMall.com, HorseNet.com and Life@Home.com. According to MBTI's previous news releases, these web sites employ the same Internet technology as E-Bay and U-bid, who were the first to use this technology, and collectively represent the largest agricultural site on the web. In addition, according to MBTI previous news releases, AgriMall.com, which serves the agricultural community, in January 1999 signed up 78 agricultural based stores, and collectively had over 5 million page views last month.
The launch of this marketing relationship should allow the Company to market its agricultural equipment on a significantly broader multi-state basis. The Company expects this alliance to provide it with a new exciting distribution channel.
According to Paul Condit, President and CEO, ''The Internet is fast becoming the new distribution channel for a myriad of products, including agricultural equipment. Our strategic alliance with MBTI provides us with access to this exciting new distribution channel. It will complement our eight dealer locations in West Texas and Eastern New Mexico. In addition,'' Mr. Condit said, ''after the complete implementation of our new AgriMall storefront, we will effectively create a much broader
multi-state agricultural equipment sales force.''
Texas Equipment Corporation is the largest John Deere agricultural dealer in Texas and one of the largest in the nation. The Company operates eight dealerships in West Texas and Eastern New Mexico, specializing in the distribution, sale, service and rental of equipment, primarily supplied by Deere & Company.
This press release includes ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the company's customers and suppliers, conditions affecting the industries served by the Company and its subsidiaries, competitor responses to the Company's products and services, the overall market acceptance of such products and services, and other factors disclosed in the Company's Annual Report on Form 10-K/A for the year ended December 31, 1997 and its quarterly Form 10-Q filings. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to becorrect.
For More Information: E.A. Milo Mattorano
Vice President and CFO
Office 800-621-9505
FAX 915-758-1215
SOURCE: Texas Equipment Corporation |
