Shareholders of Holiday RV Superstores Approve Proxy Proposals
10 January 2000
Shareholders of Holiday RV Superstores Approve Proxy ProposalsORLANDO, Fla., Jan. 7 -- Holiday RV Superstores, Inc. today announced that all seven of the proposals presented at a special meeting of shareholders this morning were approved. The Orlando, Fla.-based chain of RV and boat dealerships using the trade name Recreation USA reported that the proposals, which included increases in the Company's authorized capitalization and the reincorporation of Holiday RV from Florida to Delaware, give it more flexibility to pursue its aggressive acquisition strategy. Holiday RV initiated consolidation of the national RV and boat retail market following the June 30, 1999 acquisition of a controlling interest in the Company by Atlas Recreational Holdings, Inc., a Florida-based investment group. Holiday RV said the affirmative vote for the proxy proposals included a majority of the non-Atlas Recreational shares, a requirement set forth by the Company's board of directors to insure independence. "We are pleased with this vote of confidence from our shareholders," said Holiday RV Chairman Michael Riley. "We have already begun our rapid expansion plan evidenced by our first acquisition in November which nearly doubled the size of Holiday RV. As we aim toward our three-year goal of becoming a $1 billion RV and boat retailer, it is imperative that we have the resources and access to the capital markets to drive this growth. Approval of these proposals gives us the flexibility to accelerate our plan." Holiday RV earlier this week reported record sales and a 28 percent increase in net income for the fiscal year ended Oct. 31, 1999. The Company said fiscal 1999 results do not include any contribution from its November 1999 acquisition of County Line Select Cars and RVs, Inc., a $70 million chain with five RV dealership locations. Holiday RV Superstores (http://www.holidayrv.com ) is the nation's only publicly traded chain of dealerships specializing in sales of recreational vehicles and boats. The Company sells, services and finances more than 50 RV and boat brands -- including Airstream, Beaver, Fleetwood, National RV, Rexhall, Thor, Winnebago, Bayliner, Sea Ray and Mariah -- from its chain of 12 dealerships in California, Florida, New Mexico and South Carolina. The statements contained in this news release include certain predictions and projections that may be considered forward-looking statements under securities laws. These statements involve a number of risks and uncertainties that could cause results to differ materially including, but not limited to, the performance of the recreational vehicle or boat industries, certain customers or affiliated companies, as well as other economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices.