AutoInfo, Inc. Announces the Amendment of its Merger Agreement with Sunteck Transport, Inc.
19 October 2000
AutoInfo, Inc. Announces the Amendment of its Merger Agreement with Sunteck Transport, Inc.
STAMFORD, Conn.--Oct. 19, 2000--AutoInfo, Inc. (OTCBB:AUTO) today announced that the agreement to acquire Sunteck Transport, Inc. ("Sunteck"), a full service third party transportation logistics provider, and it's wholly owned subsidiary, Ubidfreight.com., has been amended to extend the effective date to consummate the merger to November 15, 2000.Mr. Wunderlich stated, "based upon several issues including the status of fund raising activities and recent market conditions, both Sunteck and AutoInfo have agreed to extend the effective time to consummate the merger until November 15, 2000." Mr. Wunderlich added, "securing financing is difficult in the current environment. However, we continue to look toward the future, the consummation of the merger and the restoration of shareholder value."
This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expected or implied. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company, including (a) the ultimate confirmation of the Company's Reorganization Plan, (b) the Company's success in raising the required financing to consummate the merger transaction; and (c) the Company's ability to meet the other closing conditions to consummate the merger transaction. Therefore, there can be no assurance that forward-looking statements will prove to be accurate