Acquisition Will Make NowAuto the Largest Independent Auto Dealer in Arizona
SCOTTSDALE, Ariz., March 31, 2005 — NowAuto, Inc. (OTC: NWAU) today announced it has signed the purchase agreement to acquire Sunburst Car Company, Arizona's largest independent used car dealership. NowAuto's acquisition is an all cash transaction. Sunburst expects annual sales in excess of $16 million in 2005 and being accretive to NowAuto. Final transfer of assets, employee processing, and transfer of emissions, auction house, and auctioneers licenses is anticipated to be processed next week.
Sunburst Car Company is the largest independent auto dealership in Arizona and has been open since 1991. Sunburst is located in Phoenix, Arizona and is best known for its public vehicle auctions every Saturday while providing a full service mechanical operation, including service, repair, auto body, and emissions. Sunburst Corporate website is .
Scott Miller, CEO of NowAuto states, "As a result of this transaction NowAuto is becoming the largest independent used-vehicle dealership in Arizona. We intend to expand our leadership position by combining NowAuto's no credit check auto financing with the sales power of Sunburst Car Company. Sunburst will purchase all vehicle inventories which will be serviced and any necessary body work completed at Sunburst before vehicles hit one of our four locations. This should significantly increase sales and reduce costs enabling NowAuto to progress to become a $100 Million revenue company."
NowAuto has also announced it has retained SEC Council to file its registration statement to become a fully reporting company.
Tino Valenzuela, COO of NowAuto states, "With this merger, NowAuto is the largest independent used car dealership in Arizona. Our revenue and sales will reach a point where becoming a fully reporting company is necessary. Our immediate goal is to get off the Pink-Sheets. This merger, combined with becoming a fully reporting company are two major steps toward our commitment to build shareholder value."
For more information about NowAuto, Inc. please contact Scott Miller, CEO at 480-990-0980 or Email or Finn Walstad, CEO of OTCGrowth.com at 253-564-9254 or Email.
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment.
We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties, as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance or expectations expressed or implied by such forward-looking statements.
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