Intelligent Motor Cars Terminates Transaction

    FORT LAUDERDALE, Fla.--Jan. 17, 2003--Intelligent Motor Cars, Inc., d/b/a Sun Auto Leasing & Sales announced today that it has terminated the planned share exchange with Joshua Tree Construction due to previously unknown matters that arose immediately prior to closing the transaction.
    "We are a very reputable company with great history and great promise," said Jerry Scalzo, IMC's President and CEO. "We worked very hard to complete this transaction yet, despite our good faith efforts, previously unknown matters arose at the 11th hour which made it impossible for us to move forward." Intelligent Motor Cars Chief Operating Officer, Mike Magolnick added, "Ironically, we have another opportunity which will enable us to achieve all of our initial goals on, we believe, even better terms."

    About Intelligent Motor Cars

    Intelligent Motor Cars d/b/a Sun Auto Leasing and Sales is one of South Florida's largest wholesale and low-priced retail car companies, providing services such as sales, service, reconditioning, financing and more. For the past four years, sales have doubled or better each year. The company reported un-audited revenues of more than $19.2 million in 2002 up from $9.4 million in 2001. Projections show the company at $30 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.