Motorcycle Centers of America Halts Buyout of Hai Nan Jia-Thai Motorcycle
14 August 1998Motorcycle Centers of America, Inc., Terminates Acquisition of Hai Nan Jia-Thai Motorcycle Co., Ltd., of The People's Republic of China
LITTLETON, Colo., Aug. 14 -- Motorcycle Centers of America, Inc., (OTC Bulletin Board: MCAM), announced today that the Company's Board of Directors has terminated its plan to acquire 55% of the Hai Nan Jia-Thai Motorcycle Co., Ltd., located in the People's Republic of China. The acquisition, which was announced on March 2, 1998, will be terminated immediately as the Company's Board of Directors has not received the anticipated current and audited financial statements to substantiate the revenue of the Hai Nan Jia-Thai Motorcycle Co., Ltd., a contingent factor of the acquisition. The Board of Directors of Motorcycle Centers of America, Inc., also announced that the Company will continue to pursue additional business opportunities and acquisitions. The statements included in this press release contain certain forward-looking statements regarding the Company, its business, prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause the Company's actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. Factors that may affect such forward-looking statements include, without limitation: the Company's acquisition of, or failure to acquire, other businesses; the Company's loss of a large customer or key personnel; the Company's ability to successfully develop new products for both new markets and markets currently served by the Company, customer acceptance of new products; the impact of competition, including competition and the ability to generate recurring revenue from certain products; and delays in the Company's introduction of new products from production and transportation difficulties or acts of God. Accordingly, no assurances can be given that events or results mentioned in any such forward-looking statements will in fact occur.