Coach Industries Group `CIGI' Secures $3.0 Million Commercial Fleet Services Contract
DAVIE, Fla.--April 14, 2005--Coach Industries Group, Inc. (OTCBB:CIGI) ("Coach") a holding company focused on providing financial services and the manufacturing of luxury limousine and specialty vehicles for Commercial Fleet Operators, announced today that the Company secured a $3.0 million commercial fleet services agreement with Corporate Connection Sovereign Coach & Tours, (Corporate Connections) of Fort Lauderdale, FL.Francis O'Donnell, Chairman and Chief Executive Officer of Coach commented, "Securing the contract with Corporate Connections, one of the premier limousine and livery operators in the Southeast, is a prime example of the value proposition that Coach delivers to commercial fleet operators. Coach Financial Services (CFS) was presented the opportunity to provide financing for Corporate Connections, for the purchase of a shuttle bus manufactured by Trident Industries. After satisfying Corporate Connections' immediate need, Coach recognized the opportunity to further simplify the operations of Corporate Connections by refinancing the entire fleet, representing $3.0 million of additional business. Coach also seized the opportunity to sell to Corporate Connections, two luxury limousines built by Springfield Coach Builders, a wholly owned subsidiary of Coach. We are currently evaluating Corporate Connections' requirements for independent contractors as drivers."
David Russell, Vice President of CFS states, "Our model of utilizing one of our primary products to acquire business from commercial fleet operators and then cross-selling to expand our relationship, credits our ability to open new business opportunities. By offering a full array of products and services, Coach will continue to create quality business relationships that lead to revenue growth and profitability. We are excited to have Corporate Connections as a client and to assist them with fleet management."
"Coach has demonstrated their value-added service by identifying additional opportunities to partner with our business and they responded proficiently," comments Saad Mahmoud, President of Corporate Connections. "With the fleet financing solutions engineered by CFS, we have the ability to expand our business, while continuing to provide our services to clients throughout the area of Fort Lauderdale and Broward County Florida."
About Coach Industries Group, Inc.
Coach Industries Group, Inc. (OTCBB:CIGI) ("Coach") is a holding company focused on providing financial services and the manufacturing of luxury limousine and specialty vehicles to Commercial Fleet Operators.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.