iRV.Inc Completes Knoxville, Tennessee Dealership Acquisition
9 March 2000
iRV.Inc Completes Knoxville, Tennessee Dealership Acquisition
COLORADO SPRINGS, Colo.--March 9, 2000--Strategy of Acquiring Dealerships Across the Country
The Southshore Corporation (OTCBB: SHSO), announced that its wholly-owned subsidiary, iRV, Inc. has completed its acquisition of Coach and Campers of Knoxville, TN. The final contract contingency was satisfied when iRV obtained wholesale floor financing from Deutsche Financial Services Corporation.
iRV plans to embark on a substantial capital improvement initiative at the dealership. The Company is negotiating an agreement to lease a new building adjacent to its current location. Upon completion of lease negotiations and interior build-out the facility will feature a 17,500 square foot indoor showroom and will house the dealership's sales offices.
"We are trying to create an RV show atmosphere," said John Deufel, iRV's President. "We hope that the showroom will become a destination for RV enthusiasts in the region."
Floor financing enables the Company to increase the dealership's inventory to approximately four times its present level. "The financing provided by Deutsche significantly increases the inventory that, together with capital improvements, should allow the dealership to substantially increase its revenue and potential income," added Mr. Deufel.
The Dealership is located at the intersection of I-40 and I-75, two of the nation's busiest interstate highways. Knoxville and the surrounding area is home to more than 650,000 people and one third of the U.S. population lives within 500 miles of the city. Knoxville is approximately 30 miles from the Great Smoky Mountains National Park, the nation's most visited national park, with more than 9.6 million visitors in 1998.
Statements in this release may be forward looking. Capital improvements at the Knoxville dealership, the acquisition of additional dealerships and execution of the Company's business plan will require the Company to raise additional capital. This release should be read in conjunction with Southshore's public SEC filings.