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Uniprime Announces Agreement To Purchase South Carolina Dealership

26 May 1999

Uniprime Capital Acceptance, Inc. Announces Agreement To Purchase South Carolina Dealership

    LAS VEGAS--May 26, 1999--Uniprime Capital Acceptance, Inc. OTC BB:UPCA (Uniprime) announced that it has purchased a South Carolina dealership.
    The dealership is Addy's Harbor Imports and is located in Conway, which is within five miles of the center of the Myrtle Beach, South Carolina area, a sixty mile stretch of the coastline also known as the Grand Strand, one of the top retirement and destination resort areas in the United States and host to an estimated 13 million visitors annually.
    The official takeover date is set for June 7st.
    The dealership flies the Mazda and Mitsubishi banners and although it is well established and has been located in the same area for the past nine years, the previous ownership built a new facility less than six months ago.
    The new facility sits on 4.3 acres and has separate showrooms for the two vehicle lines and state-of-the-art service and parts departments. It is located on Highway 501 East, the main thoroughfare in the greater Myrtle Beach area.
    The dealership's marketing area draws on a population of 400,000 and Uniprime expects that once its "OK DEAL" selling system, including its advertising and non-prime finance departments, is in full operation, it is looking to increase new and used vehicle sales from its current level of 75 units per month to approximately 135 units per month, with a sizeable increase in vehicle gross profits as well.
    Because the vast majority of visitors to the Myrtle Beach area arrive by vehicle after trips of anywhere from 300 to 1,000 miles, the service and parts departments are expected to continue to do levels of business disproportionate to the average dealership, adding further to the dealerships bottom line.
    Gross Revenues are expected to be in the range of $30 million annually with $1.25 million in net profits on annual sales volume of 1,620 new and used vehicles.
    Uniprime Capital Acceptance, Inc. is embarking upon an aggressive dealership acquisition program and looking to acquire a minimum of fifty (50) retail automotive dealerships over a 3 2 year period, which it believes will place it among the top ten mega-dealership groups in the country in overall unit sales.
    The Company intends that such statements regarding the Company's future expectations, including future revenues and earnings, and all other forward looking statements are subject to the "safe harbors" provision of the Private Securities Litigation Reform Act of 1995.