Insurance Auto Auctions Retains Investment Banker
14 July 1999
Insurance Auto Auctions Retains Investment BankerSCHAUMBURG, Ill., July 13 -- Insurance Auto Auctions, Inc. , a leader in automotive total loss and specialty salvage services, today announced it had retained Greif & Co. as exclusive financial advisor to the Company, to lead the development and structuring of a range of strategic alternatives intended to enhance shareholder value. Thomas J. O'Malia, Chairman of the Board of Directors, stated, "We have set the Company on a course of solid earnings growth, which we expect to continue in future periods. We intend to continue to build upon the growth in earnings while pursuing opportunities that may be available to further enhance shareholder value through acquisitions, marketing, share repurchases or other strategic partnerships or transactions. Greif & Co. has worked with us in the past and has many years of knowledge of our business and industry. We think they are uniquely able to assist us in developing these opportunities." Founded in 1982, Insurance Auto Auctions, Inc. is the largest provider of automotive and specialty salvage services in the United States, providing insurance companies with cost-effective, turnkey solutions to process and sell total-loss and recovered-theft vehicles, a $3 billion per year industry. The company currently has 51 auction sites across the United States. This press release contains forward-looking information that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking information. 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, Form 10-K for the fiscal year ended December 31, 1998, or subsequent quarterly reports. Among these risks are legislative acts, weather conditions, changes in the market value of salvage, outcome of litigation, competition, quality and quantity of inventory available from suppliers and dependence on key insurance company suppliers. Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at http://www.iaai.com .