Automax Signs Intent to Acquire All Outstanding Shares of Tagit

    NORTH LAUDERDALE, Fla.--Sept. 5, 2001--On Aug. 28, 2001, Automax Group Inc. (Pink Sheets:AMXX) signed a letter of intent to acquire all of the outstanding shares of Tagit(r) Marketing and Development Inc. in a stock for stock transaction. The exact terms of the acquisition are still to be determined; however, it is anticipated that Automax will issue 1,000,000 shares of restricted common stock for the acquisition. The acquisition is expected to close in early October 2001.
    Tagit(r) is a developmental stage company which will need financing to complete development of a revolutionary product designed initially for the financial lender in the automobile industry. Often, especially in the sub-prime auto market, failure by the purchaser to make timely payments results in the necessity to repossess a vehicle (the collateral). Occasionally, the location of the vehicle is difficult to ascertain. The product, currently under development by Tagit(r), will, with certainty, determine the actual location of the vehicle, and a network of repossession companies around the country will secure and take possession of the vehicle for return to the financial lender. Qualified personnel, innovative technology and a system designed specifically for this market can make Tagit(r) attractive for any financial lender, automobile dealer and repossessor.
    Automax Group Inc. is a "Buy here -- Pay here" used car sales and finance company that has served the South Florida sub-prime auto market for 3 years. Automax underwrites, finances and services loans generated at its dealerships, and serves customers with limited credit histories, low incomes, or past credit problems who cannot access traditional financing.

    The Private Securities Litigation Reform act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Automax) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of Automax. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and market competition factors.