Rankin Announces Election of Directors
30 July 1999
Rankin Announces Election of DirectorsHOUSTON, July 30 -- Rankin Automotive Group, Inc. ("Company"), today reported the election of its Board of Directors at its Annual Meeting. For the first time in the Company's history, the Board includes three independent directors and two Company Officers. The Directors elected include the following: Randall B. Rankin Chairman and Chief Executive Officer Ali A. Attayi President and Chief Operating Officer Thomas Hargrove Director Ricky L. Sooter Director Gary D. Walther Director Rankin acquired the operations of three companies during its first quarter ended May 31, 1999. Randall B. Rankin, Chairman and Chief Executive Officer stated, "by acquiring US Parts Company and Allied Distributing Company, both of Houston, Texas and Automotive and Industrial Supply Company of Shreveport Louisiana we have taken a leading role in the consolidation of the Automotive Aftermarket. As a further step in strengthening our organization we have added two additional independent directors in order to obtain the additional counsel available to us through these valuable resources." The Company also announced its intent to consolidate its headquarter operations in Houston, Texas allowing it to capitalize on the talented work forces already in place at US Parts Company and Allied Distributing Company. Rankin sells automotive parts, products and accessories to commercial and retail customers in Texas, Louisiana, Mississippi, Alabama, and Arkansas through its six distribution centers, 67 stores and two machine shops. The Company also serves over three hundred independent jobber stores through its distribution network. Certain statements contained in this press release are forward looking statements. These statements discuss, among other things, expected growth, domestic development and expansion strategy, business strategies and future performance. These forward looking statements are subject to risks, uncertainties and assumptions, including without limitation, competition, product demand, domestic and international economies, government approvals, inflation, the ability to hire and retain qualified employees, the ability to convert acquired stores in a timely and profitable manner, consumer debt levels and the weather. Actual results may materially differ from anticipated results. Please refer to the Risk Factors section of the 10-K for the year ended February 25, 1999 for more details.