parts.com Submits Application for NASDAQ NMS
28 March 2000
parts.com Submits Application for NASDAQ NMS; Company Receives Reservation for Stock Symbol 'PART'; Appoints Richard D'Onofrio to Board of Directors
SANFORD, Fla.--March 28, 2000--parts.com, Inc. (stock symbol: MIRM), a leading real-time business-to-business e-commerce parts exchange, today announced that it has filed its application with NASDAQ for listing on the National Market System. The Company currently trades on the OTC Bulletin Board under the symbol "MIRM." Upon successful approval of its application, the Company's stock symbol will change to "PART.""Our application to the NASDAQ NMS represents an important milestone in the execution of our business plan, as well as an achievement of the employees, dealers and shareholders of parts.com," stated Shawn Lucas, President and co-CEO of parts.com, Inc. "While the breadth of our dealer network continues to expand and the awareness of our operational Internet capability gains a greater on- and off-line following, obtaining maximum shareholder value and improving our market capitalization requires that we satisfy every possible investment criteria which will impact our market value. With its Internet-based business, speed-to-market, rapid expansion and impeccable customer service, the parts.com model will ultimately produce the market share necessary to become a the leading on-line parts source."
"Contingent upon the approval our NASDAQ application, we expect to attract the serious consideration of the mainstream institutions and brokerage firms with respect to the compelling strength of our business model and our industry-wise management team. The obvious impediment to gaining sell-side analyst coverage for parts.com would be removed. We have presently instituted a grassroots efforts to increase investor awareness of parts.com among a number of pre-screened portfolio managers for whom our company meets their investment criteria," concluded Mr. Lucas.
parts.com's patent-pending business model calls for 170 Platinum Suppliers, approximately 7,000 Gold Suppliers and up to 14,000 Silver Suppliers to build the infrastructure needed for "just-in-time" auto parts. This platform is expected to enable the parts.com parts exchange to deliver parts within hours - or even minutes - of order placement.
Company Appoints Richard D'Onofrio to Board of Directors
The Company simultaneously announced the appointment of Richard D'Onofrio to its Board of Directors. D'Onofrio, 56, has enjoyed a formidable professional career in business and finance within a broad range of industries. He is the co-founder and fifty-percent partner in Urban 2000 Corporation, which holds ownership in commercial real estate and equities in public companies. In 1985, Mr. D'Onofrio co-founded Amerihost Properties, Inc., an Illinois-based company engaged in the development, construction and operation of 100 hotels in 17 states. Mr. D'Onofrio served as Executive Vice President for Amerihost and was responsible for its initial public offering, finance, investments, corporate planning, marketing and acquisitions until his retirement in 1997. He also served on the Board of Directors for Nendals Corporation, a Seattle-based hotel company, and was instrumental in its initial public offering prior to its sale in 1994. He has provided consultative expertise on several initial public offerings and follow-on capital financings. Mr. D'Onofrio is a graduate of Youngstown State University.
About parts.com(TM)
parts.com provides a business-to-business e-commerce solution for the $600 billion auto parts industry. The site creates value for participants throughout the supply chain, including manufacturers, distributors and parts buyers, as a result of its unique, direct business model which eliminates a number of inefficient links in the supply chain inherent in the auto parts business. parts.com's technology and logistics plan enables parts suppliers to deliver their product more quickly and cost-effectively than through traditional distribution channels. parts.com was officially launched on January 23, 2000 at the National Automobile Dealers Association's (NADA) annual conference in Orlando, Fla. For more information, please visit the Company's Web site at http://www.parts.com.
(This news release includes statements that may constitute forward-looking statements pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Although parts.com, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be met. Factors that could cause actual results to differ materially from parts.com's expectations include the operational performance of parts.com, the Company's success in entering into strategic alliances, parts.com's and ReallyKnow.com's operational and financial performance, industry conditions, demand for its products, as well as other risks.)