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AutoInfo, Inc. Announces Sale of Automobile Receivables

10 August 1998

AutoInfo, Inc. Announces Sale of Automobile Receivables and Redemption of Class A and Class B Securitized Notes


    MONTVALE, N.J.--Aug. 10, 1998--AutoInfo, Inc. (OTC BB:AUTO) Friday announced the sale of automobile receivables by its wholly-owned subsidiary AutoInfo Receivables Company, with a net balance of approximately $7.7 million.
    These receivables collateralized the Class A and Class B securitized notes issued pursuant to a securitization transaction in October 1996 and, as a result of this transaction, these notes were paid in full.
    Scott Zecher, President and Chief Executive Officer of AutoInfo, stated, "this sale brings our total sales of automobile receivable to approximately $44 million during 1998. We are extremely pleased to have concluded this securitization with all securitized noteholders paid in full."
    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.