Synergy Media Acquires Electric Bike Rental Business
17 October 2000
Synergy Media Acquires Electric Bike Rental Business
OMAHA, Neb.--Oct. 16, 2000--Synergy Media, Inc., (Pink Sheets:SYME) announced today that it has completed the acquisition of all of the assets of AJR Enterprises, LLC., which includes the right to operate their electric bike rental business conducted in resort locations within Palm Springs, CA., Phoenix, AZ., and San Diego, CA.AJR Enterprises, LLC.,(www.ebikerentals.com) primarily operated to provide rentals of electric bikes called the "E-Bike", which is made by EV Global, Inc., (www.e-bike.com) a Lee Iaccoca, Enterprise. This acquisition supplements Synergy Media's existing relationship with EV Global, Inc., wherein Synergy Media, Inc., implements comprehensive marketing of the E-Bike inclusive of Internet marketing services. Mike Luther, Synergy's chairman stated, " The acquisition of AJR Enterprise, LLC is an important step for our company as it expands our relationship with EV Global through a greater deployment of the E-Bike in the marketplace. The rental operation will contribute gross profits to offset our operation expenses and is also a platform for cross-selling the E-Bike."
Related to the terms of the acquisition Synergy has also entered into agreements with the key principals of AJR Enterprises to continue their involvement in ongoing operations. According to Mr. Luther, "The AJR Enterprise, LLC team will be active with our organization and we expect to benefit from their skills." The principals of AJR Enterprise include Jerry Siemons, who possesses 30 years of experience in the vehicle rental business, specializing and pioneering rentals of exotic cars. Aside from his affiliation with AJR Enterprises, under a licensing agreement with Budget Corporation, with operations including the Budget Rent A Car of Beverly Hill's location, he operates one of the nation's largest exotic automobile rental businesses. Additionally, Ron Norbut, a former Vice President of Budget Europe, Africa and the Middle East will be continuing forward to work with Synergy. Mr. Norbut, possesses extensive experience in the establishment and management of vehicle rental business operations. Moreover, Jeffrey Cheng, President of AJR Enterprises, was previously employed by Mr. Siemons with responsibility for business development and expansion international relations and fleet management. Mr. Cheng will continue to carry on his responsibilities including continuation of existing rental operations.