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To: MoneyMade who wrote (41437)	1/11/1999 8:11:00 AM
From: Gator	Respond to of 119973

AutoCorp Equities (ACOR) Announces Major Corporate Restructuring SCOTTSDALE, Ariz., Jan. 11 /PRNewswire/ -- AutoCorp Equities, Inc. (OTC Bulletin Board: ACOR - news) announced today a major corporate restructuring relating to its debt, wholly owned subsidiaries and management. AutoCorp was able to satisfy approximately $3,700,000 of indebtedness guaranteed by it with the issuance of 1,091,113 shares of common stock from its treasury and 3,214,046 shares of a new series of preferred stock. The Company was also released from additional guaranteed indebtedness of approximately $3,500,000 by issuing 3,500,000 shares of the new preferred stock as collateral. The Company was able to complete this transaction without increasing the number of common stock shares currently issued. Separately, the Company has sold all of its original subsidiaries to former affiliates. These subsidiaries include the operating subsidiaries of AutoCorp in Arizona and Texas. In exchange, the former affiliates transferred approximately 2,683,000 shares of the Company's common stock to the company treasury, a substantial portion of which has been re-issued in connection with the restructuring transaction completed December 30, 1998. The Company will now operate the bulk of its business through its two newly acquired subsidiaries, ACE Motor Company, Inc. and AutoCorp Financial Services, Inc. ACE Motor Company will manage the Company's dealership operations and dealer acquisition, ACE Motor Company currently operates from four-used car retail locations in Texas. AutoCorp Financial Services will service auto retail installment contracts for ACE Motor Company and will acquire additional loan companies and loan portfolios. AutoCorp Financial Services currently operates four loan service facilities in Texas and has recently acquired Buyers Acceptance Corporation, Inc., an auto finance company located in Louisville, Kentucky and a portfolio of contracts in Lufkin, Texas. ACE Financial Services intends to continue to sell virtually all its loans to AutoPrime, Inc. with recourse but has and will retain the loan servicing rights. The Company currently services a contract portfolio with an aggregate value in excess of $10,000,000. AutoCorp and its subsidiaries are also in the final negotiation stages for several additional dealerships and large loan portfolios in other states. Charles Norman, age 41, has been elected president and chief executive officer and a Director. Norman has an extensive background in the non-prime loan industry with nearly fifteen years experience relating to company and portfolio acquisitions, non-prime loan securitizations and direct management of non-prime companies. Mr. Norman was previously the Director of Asset Management for AutoPrime, Inc., a Dallas based non-prime financial service company. All other former officers and directors have resigned with the exception of company founder William 0. Merritt who will remain a director. The Company has relocated its corporate offices to Dallas, Texas. SOURCE: AutoCorp Equities, Inc.