Auto America, Inc. and United Gold and Silver Co. Consummate Merger
1 December 1999
Auto America, Inc. and United Gold and Silver Co. Consummate Merger
NEW YORK--Dec. 1, 1999--Auto America, Inc. and United Gold and Silver Co. (OTC Bulletin Board: "UGDS") today announced the consummation of a merger of Auto America, Inc. with and into United Gold and Silver, which is the surviving corporation. The shareholders of Auto America received newly-issued shares of common stock, shares of preferred stock convertible into shares of common stock, and options and warrants to purchase shares of common stock of United Gold and Silver that, if fully converted and exercised, would aggregate approximately 95% of the total outstanding common stock of United Gold and Silver. United Gold and Silver has changed its name to Auto America, Inc. The new trading symbol for the Company's shares of common stock on the OTC Bulletin Board will be "ZCAR."Immediately prior to the merger, among other things, United Gold and Silver effected a reverse stock split (on a one (1) share for 5.519367 shares basis) so that immediately following the reverse split and the issuance of securities in the merger to Auto America securityholders, the Company had issued and outstanding approximately 16,881,325 shares of common stock on a fully diluted basis. The new board is composed of Jack S. Bloom, who was also named the Company's President, Bert Wasserman, Neal Shalom, Michael D. Acks, and Ponder Harrison.
The Company will continue Auto America's business of selling late model, used and new vehicles and providing financing for the purchase of vehicles.
For further information, please contact Jack S. Bloom, President of the Company at (212) 838-8300.