Auto America, Inc. and United Gold and Silver Co. Consummate Merger.NEW YORK--(BUSINESS WIRE)--Dec. 1, 1999-- Auto America, Inc. and United Gold and Silver Co. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : "UGDS") today announced the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of a merger of Auto America, Inc. with and into United Gold and Silver, which is the surviving corporation. The shareholders of Auto America received newly-issued shares of common stock, shares of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. convertible into shares of common stock, and options and warrants to purchase shares of common stock of United Gold and Silver that, if fully converted and exercised, would aggregate approximately 95% of the total outstanding common stock of United Gold and Silver. United Gold and Silver has changed its name to Auto America, Inc. The new trading symbol Trading symbol See: Ticker symbol for the Company's shares of common stock on the OTC Bulletin Board will be "ZCAR." Immediately prior to the merger, among other things, United Gold and Silver effected a reverse stock split (on a one (1) share for 5.519367 shares basis) so that immediately following the reverse split and the issuance of securities in the merger to Auto America securityholders, the Company had issued and outstanding approximately 16,881,325 shares of common stock on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. The new board is composed of Jack S. Bloom, who was also named the Company's President, Bert Wasserman, Neal Shalom sha·lom interj. Used as a traditional Jewish greeting or farewell. [Hebrew  , Michael D. Acks,
and Ponder Harrison.
The Company will continue Auto America's business of selling late model, used and new vehicles and providing financing for the purchase of vehicles. For further information, please contact Jack S. Bloom, President of the Company at (212) 838-8300. |
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