Intelligent Motor Cars Hires Executive to Head Operations; Parent of Sun Auto Prepares for Public Market

    FORT LAUDERDALE, Fla.--Oct. 9, 2002--Intelligent Motor Cars, Inc., the parent company of Sun Auto Leasing & Sales today announced the hiring of Mike Magolnick, a long time executive in the Internet and Business Consulting fields. Mike joins Intelligent Motor Cars as the Chief Operating Officer during a time where the company is preparing to reverse merge into a public company. "Mike was the key that we were missing to help take our company public," reported Jerry Scalzo, IMC's President and CEO. "His stock market and consulting background, as well as his personal contacts have helped us get ready for the public posture." According to Scalzo, besides managing the public offering, Mike's responsibilities will also include the day-to-day management and operation of the company, as well as all public relations, investor relations, human resources and business development initiatives.
    Since 1999, Mike has been a leader in shaping the domain name industry as the creator of the Internet's first domain name appraisal formula and as one of the first executives in the domain name aftermarket. Mike is the former founder and President of DomainSystems and since 1996 he has been a recognized expert in the Internet industry having been interviewed and written up in the Wall Street Journal, the NY Times, American Venture Magazine, Entrepreneur Magazine, eCommerce Times, several editions of The American Business Journal and several other national publications. In addition, Mike has served on various panels and expert advisory boards including Business Wire's ExpertSource for various business issues. Prior to 1996, Mike was the President of Venture Consulting, a management and business consulting firm.

    About Intelligent Motor Cars

    Intelligent Motor Cars dba Sun Auto Leasing and Sales is one of South Florida's largest car companies, providing services such as sales, service, reconditioning, financing and more. For the past four years, sales have doubled or better each year and the company plans to report $22-23 million in revenues for year-end 2002. Projections show the company at $40 million for 2003 and close to double that in 2004. The company has several locations throughout South Florida for retail sales. In addition, the company focuses on wholesale, auction and Internet programs to market and sell vehicles to the financially challenged consumer market.