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AutoInfo, Inc. Announces Sale of Automobile Receivables

30 June 1998

AutoInfo, Inc. Announces Sale of Automobile Receivables

    MONTVALE, N.J.--June 30, 1998--AutoInfo, Inc. today announced the sale of 305 automobile receivables with a net balance of approximately $2.4 million. The net cash proceeds were used to reduce the outstanding balance on the Company's warehouse facility.
    Scott Zecher, President and Chief Executive Officer of AutoInfo, stated, "this sale brings our total sales of automobile receivable to approximately $36 million during 1998. Combined with the recent retirement of $2 million of subordinated debt and other actions implemented by the Company during the past several months, we are continuing our restructuring plan in an effort to enhance shareholder value."
    AutoInfo, Inc. is a specialized consumer finance company that services retail installment contracts from automobile dealers selling new and used vehicles to non-prime customers.
    This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Therefore, there can be no assurance that the forward-looking statements will prove to be accurate.