Universal Brake Parts Selected as a Private Label Supplier for CARQUEST
2 August 1999
Universal Brake Parts Selected as a Private Label Brake Rotor and Drum Supplier for CARQUEST CorporationCHICAGO, July 30 -- Universal Automotive Industries, Inc. , a leading brake parts manufacturer for the automotive aftermarket with over $60 million in revenues is pleased to announce that the CARQUEST Corporation has selected the Company as a private label supplier of brake rotors and drums. CARQUEST will market UAI's brake rotors and drums under the "Proven Value" label. The "Proven Value" line of rotors will be offered in addition to CARQUEST's current brake rotor and drum offering supplied by Dana Corporation. CARQUEST is a corporation comprised of a group of independent warehouse distributors with over 50 distribution centers serving over 3,800 automotive parts stores throughout the United States and Canada. The CARQUEST group is the most rapidly growing group among the traditional aftermarket distributors. The following table illustrates store growth over the last 24 months. CARQUEST Store Growth from 1997 through 1999 1999+ 1997 Increase Number of company owned stores 1525 1190 28% Number of independent stores 2475 2158 15% Number projected by year's end 4000 3348 16% Arvin Scott, UAI's President and CEO said: "We are pleased to have been selected to supply the "Proven Value" line of brake rotors to CARQUEST Corporation. We are confident that the addition of the "Proven Value" line of brake rotors will further strengthen the group's brake parts market share." The Company is a manufacturer and distributor of brake rotors, drums, disc brake pads, relined brake shoes, wheel cylinders and brake hoses for the automotive aftermarket. The Company markets approximately 50% of its product under its UBP trademark (Universal Brake Parts) and as the Ultimate brand, with the balance under its customers' private labels. For further information, contact the Company c/o Jerome J. Hiss, CFO (773-478-2323). This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by safe harbors created hereby. Such forward-looking statements involve known and unknown risks, uncertainties (including those risk factors referenced in the Company's filings with the Securities and Exchange Commission), and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements of the Company expressed or implied by such forward-looking statements.