Warrantech Europe, Plc Signs Long-term Lease
16 September 1999
Warrantech Europe, Plc Signs Long-term Lease
STAMFORD, CT--Sept. 16, 1999--Warrantech Europe, Plc to Relocate to Watford, England
Warrantech Corporation (OTC Pink Sheets: WTECE) announced today that its wholly owned subsidiary, Warrantech Europe, Plc. has signed a 10 year lease for office space in Watford, England, just north of London.
As part of its growing business in the U.K. and in line with its European expansion plans, the London office will relocate to office space approximately three times its current size.
Warrantech International Inc.'s President Richard Rodriguez said, "This expansion demonstrates our long-term commitment towards the European marketplace. By expanding into larger quarters we will be able to effectively increase our business over the next few years in a new state-of-the-art facility. In addition, by relocating outside the city, we will be consistent with Warrantech's cost containment initiatives."
The move to Watford, which is twenty-five minutes north of London, is scheduled for the end of October.
Warrantech Corporation, through its subsidiaries, administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The Company continues to expand its domestic and global penetration, and now provides its services in the United States, Canada, Mexico, the United Kingdom, Puerto Rico and Latin America.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements which are subject to risks and uncertainties. While the Company believes that its core operations will not be affected by the removal of the stock from the NASDAQ National Market, there are risks that confidence in the Company by its vendors, business partners or employees may be negatively affected by the change in the Company's reported results or the delisting of the Company's stock which could have an impact on the Company's operations. Additionally, if the SEC determines that the Company's revenue recognition policy must be changed, it is likely that the Company's reported net equity will be materially adversely affected which, in turn, would be a potential further basis for preventing the Company's stock from being relisted on the NASDAQ National Market and could also affect its business relationships. These risks could cause the Company's actual results for the current fiscal year and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.
This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com.