Advanced Wireless Systems, Inc. Announces
Acquisition
SCOTTSDALE, Ariz., Jan. 25 Advanced Wireless Systems, Inc.
(OTC Bulletin Board: AWSS) announced today that it has entered into a Letter
of Intent to acquire Fleet Sales West, Inc.
Fleet Sales West is located in Phoenix, Arizona and is in the business of
automotive sales with a primary emphasis on acquiring and selling used and new
automobiles from national car rental agencies. During the first three
quarters of 2000, Fleet Sales West posted gross revenues of approximately
$17.5 million. Fleet Sales West is currently in Chapter 11 proceedings and
the acquisition is subject to approval by the United States Bankruptcy Court
through a Plan of Reorganization.
In announcing the planned acquisition, Advanced Wireless Systems'
President, Stan Wilson, stated: "It has been the Company's plan for some time
to achieve profitability through Diversification." Wilson further noted,
"This acquisition is compatible with our recent acquisition of Daybreak Auto
Recovery, Inc. and our recent announcement of acquiring the RAP Group, Inc."
Daybreak Auto Recovery is the largest automotive repossession business north
of the Golden Gate Bridge to the Oregon border. The RAP Group, Inc.
acquisition is in the final phases of completion. RAP posted gross revenues
of $7.25 million for the year ended December 31, 2000. The RAP Group is
located in Fulton, California.
This news release contains forward-looking statements that involve risks
and uncertainties. Actual results, events and performance could vary
materially from those contemplated by these forward-looking statements. Among
the factors that could cause actual results, events and performance to differ
materially are risks and uncertainties discussed in the company's quarterly
report on Form 10-QSB for the quarter ended September 30, 2000 and the annual
report on Form 10-KSB for the year ended December 31, 1999.