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To: LANCE B who wrote (81738)	3/13/2001 3:23:09 PM
From: Jim Bishop	Respond to of 150070

FSTI TEXQ Freestar Technologies Signs Binding Letter of Intent to Purchase Second Largest John Deere Dealership in United States LOS ANGELES--(BUSINESS WIRE)--March 13, 2001--Freestar Technologies Inc. (OTCBB:FSTI - news) announced today that it has signed a binding letter of intent to purchase Texas Equipment Corp. (OTCBB:TEXQ - news). Texas Equipment will be operated as a wholly owned subsidiary of Freestar Technologies but will maintain its upper management team and strong regional name identity. Organized in 1975, the company operates eight John Deere agricultural equipment dealerships in the Texas panhandle and eastern New Mexico. Texas Equipment is the second largest John Deere dealer in the United States and the largest in Texas with year 2000 sales slightly in excess of $57 million. The company has more than 130 employees. Freestar CEO Cort Hooper stated: ``Texas Equipment Corp. is an exciting acquisition with strong management and a majority market share in its region. It will anchor the equipment division of Freestar, provide a platform for other acquisition/consolidation opportunities in its industry and provide excellent store locations to co-locate our planned construction equipment operations.'' With total assets exceeding $33 million, Texas Equipment retails the full line of heavy farm equipment as well as the smaller lawn and garden equipment and accessories familiar to everyone. With headquarters in the heart of the Texas farm belt in Seminole, Texas, it has full-service stores in Plains, Dimmitt, Hereford, Amarillo, Tornillo and Friona, Texas, plus a store in Artesia, N.M. The company expects to model the ``superstore'' concept to the farm equipment industry and to consolidate the ``mom and pop'' type dealerships in the industry. Global changes to farming methods have been documented in recent newspaper and magazine articles pointing to the future trend of satellite-based ``precision farming,'' a technology which will maximize yields through satellite assessment of moisture, fertilizer, insecticide and seeding on a square-yard-by-square-yard basis. This information can be downloaded to the onboard computers for computer driven soil and yield management. Management believes that the advantages of these technologies in the new models of equipment it sells will begin to force a gradual retooling of the entire industry and that Texas Equipment is in a prime position to service and profit from that change. Situated near the Mexican border, the company also expects to extend its market to resell used and lease-returned equipment to the nearby Mexican farmers. This news release contains forward-looking statements, including statements containing the words ``believes,'' ``intends'' and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, actions or achievements of the company to be materially different from any future results, performance, actions or achievements expressed or implied by such forward-looking statements. Such factors may include the results of the company's continuing investigation of the matters described in this news release, timing issues and actions by administrative and enforcement officials. Contact: Freestar Technologies Cort Hooper, 310/352-3300 E-mail: rhoncor@earthlink.net Email this story - Most-emailed articles - Most-viewed articles More Quotes and News: FREESTAR TECH (OTC BB:FSTI.OB - news) Texas Equipment Corp (OTC BB:TEXQ.OB - news) Related News Categories: computers, household/consumer, retail