WorldNet Resource Group Acquires Car Rental Direct.com
1 March 2000
WorldNet Resource Group Acquires Car Rental Direct.comLOS ANGELES, March 1 -- WorldNet Resource Group (OTC Bulletin Board: WNRG) announced today that a memorandum of intent has been executed for its acquisition of Car Rental Direct.com, Inc. for an undisclosed amount of stock and cash. The acquisition of Car Rental Direct.com by World Net Resource Group allows the company to develop its Web site (http://www.carrentaldirect.com) which will be used to facilitate conventional auto rental as well as luxury and exotic rentals to individuals and the entertainment industry. Once the core business of the company is established, the Web site will be used to launch the company's expansion efforts into truck and fleet rental, co-branding of locations, and fleet disposal sales. Car Rental Direct.com anticipates having in excess of 200 locations within three years, which has the potential to generate over $100,000,000 in annual revenue. Car Rental Direct.com anticipates an aggressive expansion program in the $18.3 billion car rental industry based upon acquisition of existing independent car rental dealers (of which there are currently 27,000) and creation of new facilities around the core acquisitions. The company is exploring the potential of licensing or franchising operations under the Car Rental Direct.com banner to accelerate market penetration in core areas. Morgan Niko, Inc., a Beverly Hills, California financial consulting firm facilitated the transaction. About Car Rental Direct.com, Inc. Car Rental Direct.com was formed in November, 1999, by executives in the automotive and car rental industry, bringing together over 75 years of related experience and core competency to facilitate the implementation of innovative concepts yet to be introduced to the industry. Car Rental Direct.com presently operates nine locations in California, Arizona, Nevada and Connecticut with seven more locations presently under negotiations. About WorldNet Resource Group WorldNet Resource Group, Inc. (OTC Bulletin Board: WNRG) is a Marina Del Rey, California based company, whose Web site, http://www.wnrg.com serves as a launching pad for its Internet ventures, which include AnythingSurplus.com, Eccount.com, AuctionFun.com and JazzHallOfFame.com. Forward looking statements and comments in this press release are made pursuant to safe harbor provisions of the Securities Exchange Act of 1934. Such statements relating to, among other things, the prospects for the companies to complete the transaction and enhance operating results, are necessary subject to risks and uncertainties, some of which are significant in scope and nature. These risks may be further discussed in periodic reports and registration statements to be filed by the company from time to time with the Securities and Exchange Commission in the future.