MicroCars, Ltd. To Begin Promotion with Seylan Bank To Sell Cars in Sri LankaSAN DIEGO--Sept. 14, 2006--Centrex, Inc. (PinkSheets:CTXI) today announced that MicroCars, Ltd., a Sri Lankan company, has signed a marketing agreement with Seylan Bank, one of the largest banks in Sri Lanka, to promote sales of MicroCars to new home buyers. Called the "Executive Super Loan Package," this promotion by Seylan Bank allows buyers to acquire a new home and a new car under the same mortgage. Seylan Bank estimates that they expect to receive as many as fifteen approved loan applications per month.
Established in 1995, MicroCars, Ltd. is the only automobile manufacturer in Sri Lanka, featuring a line that includes a sedan, a coupe, a minivan and a four wheel drive pickup truck. Created by Dr. Lawrence Perera, previously an executive engineer at Volkswagen in Wolfsburg Germany, MicroCars offers a cost effective system for assembling quality cars using local labor and available local materials.
Centrex recently signed an agreement to represent the MicroCars manufacturing system to other nations seeking to establish a locally run and operated car assembly company. The agreement with MicroCars also gives Centrex an option to acquire up to 40% interest in MicroCars. Executives of MicroCars and Centrex are meeting in Hong Kong the week of September 24, 2006 in order to finalize these aspects of their agreement.
Stated Jeffrey Flannery, CEO of Centrex, Inc., "This promotion demonstrates Seylan Bank's confidence in MicroCars as well as the Bank's recognition that the attractive, well-built MicroCar is an incentive to persuade new home buyers to action. Most importantly for Centrex, this promotion is a strong selling point in our efforts to market the MicroCars system to other countries - it is a proven way to promote and market a major item in any developing economy."
More information on the Centrex, Inc. can be found at www.centrexglobal.com. Information on MicroCars, Ltd. can be found at www.microcars.lk.
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