Rankin to Focus on Professional Installer Customers
20 October 2000
Rankin to Focus on Professional Installer CustomersHOUSTON, Oct. 20 Rankin Automotive Group, Inc. ("Company") today announced the signing of a definitive agreement to sell certain assets of four stores in southeast Louisiana to O'Reilly Automotive, Inc. of Springfield, Missouri. The sale price is currently expected to approximate $1.3 million. The transaction is scheduled to close November 30, 2000 and is subject to customary closing conditions. Randall B. Rankin, Chairman and Chief Executive Officer stated, "This is another step in our strategic plan to improve the Company's financial condition by selling operating units that are not a part of our core business of selling to professional installers." Rankin sells automotive parts, products and accessories to commercial and retail customers in Texas and northwest Louisiana through its Houston distribution center and 41 stores. Certain statements contained in this press release are forward looking statements. These statements discuss, among other things, expected growth, domestic development and expansion strategy, business strategies and future performance. These forward looking statements are subject to risks, uncertainties, and assumptions including without limitation, competition, product demand, domestic and international economies, government approvals, inflation, the ability to hire and retain qualified employees, the ability to convert acquired stores in a timely and profitable manner, consumer debt levels, and the weather. Actual results may materially differ from anticipated results. Please refer to the Risk Factors section of the 10-Q for the six months ended August 31, 2000 for more details.