AutoCorp Equities, Inc. Announces Formal Discussions to Acquire Regional Automobile Auction

    RICHARDSON, Texas, Aug. 2 AutoCorp Equities, Inc.
(OTC Bulletin Board: ACOR) announced today the formalization of discussions to
acquire a regional public automobile auction in Cincinnati, OH.
    The auction, currently known as Reading Auto Fair Public Auto Auction
(Reading), is currently owned by Strategic Funding of Cincinnati and, subject
to certain conditions, will be acquired through an exchange of a combination
of shares of AutoCorp stock and cash for 100% of the outstanding stock of
Reading.
    The acquisition is consistent with AutoCorp Equities, Inc. current
business model, which includes acquisition of interests in new and used
automobile dealerships.
    The transaction is expected to be completed in the next sixty days.

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