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Non-Tech : Western Oil and Tire Distributors (WOTD) -- Ignore unavailable to you. Want to Upgrade?

To: blake roberts who wrote (68)	3/8/1999 12:16:00 PM
From: rocket rider	Read Replies (1) \| Respond to of 255

March 08, 1999 11:52 Western Oil & Tire Distributors, Inc. Board of Directors Announce Plans for Restructuring Company KIRKLAND, Wash.--(BUSINESS WIRE)--March 8, 1999--Armed with a new strategic marketing plan and a revised funding plan, the board of directors of Western Oil & Tire Distributors Inc. (OTC BB:WOTD) (the "company") unanimously approved a resolution to restructure the company. The resolution to reposition the company was passed in order to give WOTD the best opportunity to complete its growth plan and to move the company forward. The restructuring is summarized as follows: Formation of a New Subsidiary ("IIPT") The board authorized the formation of a wholly owned subsidiary corporation to be named International Internet Petroleum & Tire Distributors Inc. (IIPT) into which the company plans to transfer the rights to the trade name "Western Oil & Tire Distributors Inc.," the business plan and other accounts relating to the petroleum product and tire distribution project. The slate of officers and directors planned for IIPT includes highly experienced executive- level management team members who currently own and operate successful petroleum product and tire businesses. Spin-off of the WOTD Project to the Company's Shareholders The company's new strategic focus includes transferring the ownership of IIPT to its shareholders in a spin-off transaction whereby the shareholders of the company will receive shares in IIPT by a stock distribution proportionate to each shareholder's interest in the company at time of such distribution. The company's shareholders will own stock in two companies upon completion of the planned spin-off of IIPT. IIPT will be directed to focus on the petroleum and tire distribution business consolidation ("roll-up") plan. IIPT's corporate financing plan includes future application to become a separate publicly traded company. Two companies targeted for initial acquisition by IIPT represent an asset base of over $7 million with reported annual sales for 1998 in excess of $40 million. Business Purpose The spin-off of the WOTD project is designed to allow IIPT to focus on the petroleum and tire project and allow the company to pursue other business opportunities, several of which have been presented to the company for consideration. A change in the corporate name of the company is contemplated by this restructuring and is expected to be announced in the near future. Other Matters The company plans to include further details of the restructuring with its notification of a shareholders meeting scheduled for March 24, 1999, at the corporate offices in Kirkland. The company has targeted May 1, 1999, to complete the restructuring. The company recently engaged the services of PMR & Associates a corporate public relations firm to represent the company in the financial community. Patrick Rost may be contacted at 760/942-0015. This release contains forward-looking statements with respect to the results of operations and business of the company that involves risk and uncertainties. The company's actual future results could materially differ from those discussed. Risks and uncertainties of the company will be detailed from time to time in the company's periodic reports. CONTACT: PMR & Associates Patrick Rost, 760/942-0015