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East European Imports Purchases ARO Of America

13 August 1998

East European Imports Purchases ARO Of America

    MIAMI, Aug. 13 -- East European Imports, Inc. (EEI) announced
today that it has reached a definitive agreement with ARO of America, a
division of Worldwide Equipment Corporation (OTC Bulletin Board: WWDE), to
purchase its assets for shares of EEI common stock.  Closing was completed
Tuesday, August 11, 1998.
    ARO of America will initially own 40 percent of EEI, and its ultimate
ownership will be between 20 and 40 percent, depending on the performance of
EEI over the next five years.  As part of the agreement, an additional $4
million in equity is being raised by EEI.
    Last week, the Romanian government, through the State Ownership Fund (SOF)
announced its agreement with EEI to begin production of the ARO 24 model SUV
with a Toyota engine.  A Letter of Credit has been issued for an initial order
of 1,000 ARO 24s equipped with the Toyota engine to be delivered to the United
States by the end of this year.
    EEI has established a $15,000,000 line of credit with Capital Business
Credit and Union Planters Bank and is presently negotiating an additional
credit extension up to $50,000,000 that will ensure the purchases needed to
supply the U.S. dealer body.
    John Perez, EEI President and CEO, stated that EEI "has 170 dealers in the
U.S., and eight foreign distributors that have projected sales of ARO vehicles
well in excess of present plant capacity of 25,000 vehicles per year."
    The 1999 ARO 24, Powered by Toyota, is scheduled to arrive on American
shores at the end of November. The ARO factory has agreed to increase
production to full capacity, beginning in the first quarter of 1999.
EEI and the SOF, the present owner of the ARO factory, have begun talks
concerning the future privatization of the ARO factory.
    ARO (pronounced air-oh) has been manufactured in Romania for over 30
years. It is known for its rugged and durable performance, capturing first
place titles in endurance races such as The Transcarpatic Rally and the Paris
Dakar.  ARO 24 is a mid-size SUV, by American standards, with four doors and
standard equipment such a front bull guard, dual airbags and a Toyota 2.5
liter engine and 5-speed transmission.  The base model ARO 24 carries an MSRP
of $12,997.
    For more information about East European Imports and ARO vehicles, contact
Deana Schade at EEI Advertising, (305) 461-4070.