Automotive Performance Group Receives Payment for Services to E-solutions Companies
1 June 2000
Automotive Performance Group Receives Payment for Services to E-solutions Companies
NEW YORK--June 1, 2000--Automotive Performance Group, Inc. (OTCBB: RACGE) disclosed today it had received 50,000 shares of common stock in privately held Zero.Net for professional services.APG management provided advisory and consulting services to Zero.Net to facilitate a series of transactions, which resulted in the sale of a subsidiary of Envision Development Corporation (ASE: EDV), which is owned 43% by Zero.Net. The Envision subsidiary was involved in the Internet consumer commerce of perfumes and personal care products.
Envision also recently announced it has entered into discussions to explore a merger with Zero.Net. A completion of such transaction would establish a fair market valuation of the shares received by APG for its management services. Specifically, the planned merger would involve the conversion of shares of the privately held Zero.Net into publicly traded EDV stock. Zero.Net operates a leading-edge technology CORTAL (corporate portal) enterprise with investments in over 25 business-to-business Internet companies worldwide.
"We are presently providing other professional services to Zero.Net and expect to receive additional consideration for those activities upon successful completion of the related transactions," stated APG Chairman and Chief Executive Officer, Dean M. Willard. "Now that we have completed the planned restructuring of APG, our management team feels we can begin to focus on efforts that will generate profits and further enhancement of shareholder value in APG," Mr. Willard added.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Automotive Performance Group, Inc.'s business and prospects and cause actual results to differ materially from these forward-looking statements.
Automotive Performance Group, Inc., participates in the fast-growing high-performance automotive and specialty chemical industries through its 18% equity ownership in PBT Brands Inc., a leading manufacturer, distributor, and marketer of premium functional chemical products to the automotive maintenance and repair markets, and Advanced Chemistry and Technology, Inc. (AC Tech), which develops and manufactures sealants for the aerospace and aircraft industry.