Insurance Auto Auctions Delays Filing of Form 10-K Following Recent Acquisition by Kelso & Company

WESTCHESTER, Ill.--March 11, 2005--Insurance Auto Auctions, Inc. , due to file its annual report on Form 10-K on March 11, 2005, today announced that due to the Company's efforts undertaken to comply with the recently effective requirements of Section 404(c) of the Sarbanes-Oxley Act of 2002, and further efforts undertaken to enter into and its recent execution of an Agreement and Plan of Merger with an affiliate of Kelso & Co., the Company has experienced delay in completing the audit of its results of operations and related financial statements for the fiscal year ended December 26, 2004. The Company fully anticipates completing its audit in the near term so as to file its annual report on Form 10-K within the next fifteen calendar days. The Company does not anticipate that any negative or significant change in results of operations from the corresponding period from the prior fiscal year ended December 28, 2003 will be reflected by the earnings statements to be included in the current report on Form 10-K.

Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive total loss and specialty salvage services in the United States, provides insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles. The Company currently has 78 sites across the United States.

Safe Harbor Statement

This Report contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. In some cases, you can identify forward looking statements by use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions. The Company's actual results could differ materially from those discussed or implied herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's annual report on Form 10-K for the fiscal year ended December 28, 2003 and subsequent quarterly reports. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Company undertakes no obligation to publish, update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at www.iaai.com

Want more information? Search the web!

Search The Auto Channel!

Search 1,043,125 pages