Western Oil and Tire Distributors Offer to Buy Tire Business
16 March 1999
Western Oil and Tire Distributors, Inc. Has Extended a Definitive Agreement to June 30, 1999 to Acquire a $3 Million Nevada Tire Business Consisting of Two Retail Outlets and a Recapping Plant
KIRKLAND, Wash.--March 16, 1999--candidates awaiting funding to close.
WOTD (OTC BB:WOTD) announced today that it has extended its agreement until June 30, 1999 to acquire a $3 million Tire business in Nevada which operates two retail tire stores and a recapping plant.
Its management has over 30 years in the industry and has agreed to join WOTD's management team.
The two additional target companies, one a multiple location tire business and one an international wholesale petroleum distribution business have agreed in principle to become part of WOTD. Together these two companies have revenues in excess of $40 million. These companies bring seasoned management teams to the table. WOTD will have depth and relevant operating experience when these three acquisitions are complete. Each of these acquisitions is subject to financing terms and conditions that WOTD is working to satisfy.
Financing
The Company has received a commitment for up to $450,000 in financing to fund operating capital requirements to move the company's revised business plan forward. The company plans to close this private placement Reg. D-504 offering by March 31, 1999.
The Company is vigorously pursuing several identified financing opportunities to fund costs of closing its first round targeted acquisitions. Several financing sources have been contacted which provide debt financing for roll-up projects such as planned for the Company. The aforementioned operating capital commitment should enable the Company to implement its revised funding plan targeted at closing its early acquisition candidates.
The Company's petroleum and tire distribution business will be managed for the benefit of stockholders under the newly formed entity "International Internet Petroleum & Tire Distributors Corp." ("IIPT").
Stockholder Meeting Date
Notification of a stockholders meeting set for March 24, 1999 was sent to all stockholders of record as of March 2, 1999. The Company's revised funding plan provides for a separate management team to head up IIPT (the petroleum and tire distribution project). Effective March 19, 1999 the stockholders of the Company will automatically receive ownership of IIPT in a distribution of IIPT shares and warrants, details of which are set forth in an information statement included with the notice of stockholders meeting.
Contact
Mr. Patrick Rost of PMR and Associates, the Company's recently appointed corporate public relations firm, may be contacted at 760/942-0015 email: pmrandco@aol.com. The Company may be contacted at 888/878-9683.
This release contains forward-looking statements with respect to the results of operations and business of the Company that involves risk and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports.
