US Parts Begins Final Sale of Assets
HOUSTON, May 9 US Parts (OTC Bulletin Board: RAVE)
announced that on May 7, 2001, the U.S. Bankruptcy Court of the Southern
District of Texas, Houston Division, denied the Company's request for
continued use of cash collateral. Since all of US Parts' cash is subject to
the lien of its lending syndicate, the Company does not have cash available to
continue normal operations. As a result, US Parts, whose corporate name is
Rankin Automotive Group, Inc., has closed its 14 stores. Following the
direction of the lending syndicate, the Company expects to assist in the
process of selling its remaining assets in an orderly fashion.