Automotive Performance Group Completes $2 Million Private Placement
25 May 1999
Automotive Performance Group Completes $2 Million Private Placement
NEW YORK--May 24, 1999--Automotive Performance Group, Inc. (OTCBB: RACG) today announced it has completed a $2-million private placement of its debt with a group of accredited investors. Terms were not disclosed.The Company said $1 million of the proceeds would be used as a second deposit associated with its letter of intent to purchase Loctite's North American automotive aftermarket business. The remaining proceeds will be used for general corporate needs. Automotive Performance Group made an initial $2 million deposit related to the proposed acquisition last month.
"The two deposits are part of our agreement and will be deducted from the final purchase price," said Automotive Performance Group Chairman and Chief Executive Officer Dean M. Willard. "We still expect to close the acquisition by the end of the second quarter."
Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Automotive Performance Group, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements.
Automotive Performance Group, Inc., is a full-service owner and operator of high-performance automotive businesses, including Royal Purple Motor Oil, which produces synthetic oil and chemical products favored by many racing teams and manufacturers, and Klein Engines and Competition Components, Inc., a leading manufacturer of high-performance engines.