Aubryn International Inc. Announces Franchise Program for China; First Letter of Intent Signed With Chinese Group.Business Editors UPLAND Upland, city (1990 pop. 63,374), San Bernardino co., S Calif., in a citrus-fruit region at the foot of the San Gabriel Mts.; inc. 1906. Citrus fruits and grapes are packed and processed in the city. Paint, orchard heaters, auto parts, and feed products are also made. , Calif.--(BUSINESS WIRE)--March 28, 2000 Aubryn International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ARBN ARBN Australian Registered Body Number ARBN Asian Rice Biotechnology Network ARBN Australian Registered Business Number ARBN African Rice Blast Nursery ) Monday announced its plan to franchise the company's exclusive Automotive Warranty and Service Program in China. The company has already signed a Letter of Intent with the Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. Baolong (Group) Co. Ltd., one of the largest Taxi and Auto Service Companies in Shanghai, China. The Baolong Group is involved in various other businesses throughout the Shanghai region with a presence in the Vehicle Inspection Business in the rapidly growing Chinese market. The Baolong Group is the first of five companies in China that Aubryn is currently working with. All of which are interested in purchasing a Franchise from Aubryn. The company has commitments for franchised locations in Wuhan, Shenzhen and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . These commitments management feels will be put into contract form over the next four to six months. The company has utilized its contacts within various Chinese governmental organizations to assure that its Franchise Service agreements are protected through the Chinese Bureau of Management, thus creating an exclusive Franchise plan that cannot be duplicated in China. Aubryn International Inc. has the first Chinese license to issue warranties on both new and used vehicles. Full warranty coverage is required by all lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in for vehicles to be financed in China. With the current demand for financing, the large number of vehicles that come into China, the need for warranty coverage will make the company's franchise licenses attractive to prospective Chinese auto warranty and service franchisees. When asked why the company decided to franchise its Automotive Warranty and Service program, the President, R. Bruce Harris Bruce Harris (born 1955 in Scotland, United Kingdom) is the disgraced former executive director of Casa Alianza, from 1989 to September 2004. He was dismissed from this post after admitting he had paid a young adult male, who had earlier been in the care of Casa Alianza, for sex. , stated that because of the funding delays the company experienced during all of 1999, a change of concept was necessary to make sure that the equipment assets the company has in China are put into a profitable level. The president stated that under the company's prior joint venture business model for its operations in China, Aubryn was responsible for any expense shortages, plus had to carry overhead costs overhead costs see fixed costs. that had become difficult without the original funding commitments. Most of the company's China operations were halted during 1999 because of these delays, but were still poised to take advantage of the market change within China that has ocurred during the past six months. The franchise approach does not require the capital that a full joint venture required and would generate an immediate income stream to the company. The franchise concept will develop not only an income revenue from the initial licensing fees, but because these agreements are based solely on a percentage of the gross revenue of each of the Chinese franchisees, the company is guaranteed an immediate income stream from each of the franchised locations. The company has focused its attention to existing large service operations with an existing revenue stream that will provide a capital flow based on percentages beginning at 7% of the franchisees' gross sales Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. , with annual increases each year of operation. The president further stated that Aubryn's franchise concept not only includes specific facility requirements, specific equipment requirements and the exclusive use of the Aubryn Warranty program, but it also includes a training program developed by the company for the Chinese market. Additionally, the company has created the only Chinese and English Auto Service Manual for all models of vehicles imported into China. The manuals will be provided to all Aubryn's Franchised Chinese Auto Service Centers. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news release may contain forward-looking statements, which involve known and unknown risk, uncertainties or other factors that could cause actual results to materially differ from the results, performance, or expectations implied by these forward-looking statements. The issuer's expectations among other things are dependant upon Adj. 1. dependant upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, contingent upon, dependant on, dependent on, dependent upon, depending on, contingent general economic conditions, continued demand for its products, the availability of raw materials, retention of its key management and operating personnel, as well as other uncontrollable or unknown factors. |
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