Glas Aire Partners With Major Toyota Dealers in USA
3 November 1999
Glas Aire Partners With Major Toyota Dealers in USA
VANCOUVER, British Columbia--November 2, 1999--Leading Wind Deflector Manufacturer To Supply Southeast and Gulf
States Dealers Retailing One-Third of All Toyotas Sold Nationwide
Glas Aire Industries Group Ltd. , a leading high-quality manufacturer and marketer to automobile manufacturers of wind deflector accessories, announced here their partnership with two major Toyota dealers in the United States.
The arrangements provide for Glas Aire to supply its accessory products to Toyota, Inc. and Gulf States Toyota Distributors. Toyota, Inc. retails approximately 200,000 vehicles per year in Florida, Georgia, Alabama, North Carolina and South Carolina. Gulf States Toyota retails about 125,000 vehicles annually in Texas, Louisiana, Mississippi, Arkansas and Oklahoma. Together, they account for approximately one-third of all Toyota vehicles sold in the United States.
Commenting on the new major client partnership, Glas Aire President Alex Ding said: "The new arrangements with Toyota dealers underscores Glas Aire's engineering capability and strict adherence to Total Quality Management. We've been recognized for our ability to meet the exacting requirements of automakers like Toyota, and we're planning to meet original equipment manufacturers' requirements even more cost effectively with a revolutionary technology that we plan to have in place for the millennium."
Sales of Glas Aire's sunroof deflectors, hood deflectors and rear air deflectors in the United States account for 82 percent of the company's revenues, including sales to U.S. subsidiaries of foreign automobile manufacturers. Glas Aire's clients and joint product development partners include among others BMW, Daewoo, DaimlerChrysler, Daihatsu, General Motors, Honda, Isuzu, Mazda, Nissan, Subaru, Toyota and Jaguar.
"Our goal is to become the global leader in high-quality thermoformed accessories for the automotive market," Mr. Ding said. "We just expanded our plant capacity and enhanced our state-of-the-art facility to address the business growth cost effectively. And we'll be expanding sales to automakers through new clients and new products as well."
Glas Aire, with annual revenues of approximately $10 million, designs and makes sunroof wind deflectors, hood deflectors, rear-air deflectors and door visors for cars, light trucks and vans. The company, based in Vancouver, British Columbia, has a distribution center in Bellingham, Washington.
Founded in the early 1980's as a family business engaged in acrylic-based product development and manufacture, Glas Aire has been associated with Regency Affiliates Inc. (OTC BB: RAFF) since August 1999. In addition to the auto accessories market, Stuart, Florida based Regency, has holdings in the residential and commercial furnishings market, commercial real estate and natural resources.
This press release includes forward-looking statements as defined in the private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties which may cause actual results to vary significantly. These risks include (but are not limited to) those related to: timely product and technology development/upgrades; market acceptance of new products and continuing product demand; the impact of competitive products and pricing on the Company's and its customers' products and markets; changing economic conditions and exchange rates worldwide; development, release and sales of new products by strategic suppliers and customers; development and growth of anticipated markets for the Company's and its customers' products; and other risk factors detailed in the Company's most recent annual report, its prospectuses, and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the Information in this release.
This release can be found on the KCSA Public Relations Website at www.kcsa.com.