AWC Communications Dials RepairMaster Canada, Inc. for Product Replacement Service Plan
EULESS, Texas--March 28, 2002--Warrantech Corporation (OTCBB:WTEC), a leader and innovator in providing service contracts and aftermarket warranties, today announced that its RepairMaster Canada, Inc. subsidiary has signed an agreement with AWC Communications, a cellular phone retailer based in Lethbridge, Alberta.
Under terms of the agreement, AWC, which currently has eight retail locations in Calgary, Lethbridge and Taber, will market RepairMaster Canada's XchangeCard product replacement program to its cellular phone customer base. AWC sells about 8,000 handsets annually throughout its Canadian stores, and has two additional stores currently under construction in Winnipeg.
"We are pleased to bring AWC Communications under the RepairMaster banner," said Michael Bailey, president of RepairMaster Canada, Inc. "This agreement reflects our commitment to enhancing our Canadian presence through business partnerships with leading retailers like AWC."
Steve Lyons, president of AWC Communications, said, "The unique `replace versus repair' concept of the RepairMaster brand will give us a competitive edge in the Canadian market. We're excited about the potential improvements in customer service that RepairMaster will afford us."
Warrantech's XchangeCard program guarantees replacement of a failed product for up to one year beyond its original warranty. Consumers who purchase the plan can register their products and warranty plan on-line, or by calling a toll-free phone number.
About Warrantech:
Warrantech Corporation administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The company continues to expand its domestic and global penetration, and now provides its services in the United States, Canada, Puerto Rico and Latin America. For additional information on Warrantech, access www.warrantech.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties. Other risks and uncertainties include but are not limited to, Warrantech Automotive's ability to secure an alternate source of payment of claims under the vehicle service contracts as a result of the Reliance Insurance Company Liquidation, the effectiveness of cost containment measures and the continuation of current levels of business activity, attainment of new business, the impact of competitive products, product demand and market-acceptance risks, reliance on key strategic alliances, fluctuations in operating results and cash flow and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. These risks could cause the company's actual results for the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company.