America's Car-Mart, Inc. Reaches Agreement to Sell Stake in Precision IBC for $3.75 Million.Business Editors & Automotive Writers IRVING, Texas--(BUSINESS WIRE)--April 9, 2002 America's Car-Mart, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :CRMT CRMT Computer Resources Management Team ), formerly Crown Group, Inc., today announced that it has reached an agreement to sell its remaining 50% interest in Precision IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention , Inc., a firm specializing in the sale and rental of intermediate bulk containers. The selling price of approximately $3.75 million roughly equals the Company's investment in Precision and will be paid in cash. Closing of the sale, which is subject to certain conditions, is expected to occur within the next 30 days. "The sale of Precision marks one of the final steps in completing the Company's transition strategy whereby the Company will focus exclusively on the `Buy Here/Pay Here' segment of the used car market," commented Edward R. McMurphy, the Company's Chairman and Chief Executive Officer. "After the sale of Precision is completed, we will have only one non-core business remaining to sell," continued McMurphy. "In that regard, we are hopeful to have news to report in the near future." About America's Car-Mart America's Car-Mart operates 55 automotive dealerships in seven states and is one of the largest automotive retailers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. focused exclusively on the "Buy Here/Pay Here" segment of the used car market. The Company operates its dealerships primarily in small cities and rural locations throughout the South-Central United States, selling quality used vehicles and providing financing for substantially all of its customers. The Company also owns interests in two subsidiaries that are held for sale and are included in discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . These subsidiaries include (i) an 80% interest in Concorde Acceptance Corporation, a prime and sub-prime mortgage lender; and (ii) a 50% interest in Precision IBC, Inc., a firm specializing in the sale and rental of intermediate bulk containers. Included herein are forward-looking statements, including a statement with respect to the expected closing date of the sale of the Company's 50% interest in Precision IBC, Inc. All forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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