Surface Tech Inc. And Alloy Wheel Repair Specialists Combine Operations
IRVINE, Calif.--Oct. 2, 20046, 2004--Surface Tech Inc. (Pink Sheets:SFCI) announced today that it has now combined its wheel repair operations with Alloy Wheel Repair Specialists of Georgia, formerly the largest licensee of its patented wheel repair technology. This brings the total number of mobile repair units providing the patented process to over 190 nationwide. The combined billings of franchised and licensed technicians utilizing the patented process should exceed $10 million in 2004. These numbers have doubled each of the past 3 years.In addition to the market demand from thousands of auto dealerships and service departments nationwide, licensed mobile technicians are servicing national accounts such as Avis, Enterprise, Alamo, Hertz, and Costco. Insurance companies such as Allstate, State Farm and Progressive have also increasingly realized the benefits and cost savings in utilizing our mobile service to resolve the growing number of damaged wheels from their authorized body shops.
Alloy Wheel Repair Specialist's franchise operations are also continuing to grow outside the United States into Canada and Australia. The groundwork is now in place to accelerate the rate of expansion worldwide in providing the patented mobile wheel repair technology to a constantly growing marketplace. To complement this international expansion, patent applications have now been filed with the European Union.
There are approximately 25 million shares outstanding and 15 million shares in the public float.
For more investor information, visit www.surfacetech.us.
For franchise information, visit www.mobilewheelrepair.com.
Statement under the Private Securities Litigation Reform Act: Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.