AutoInfo, Inc. Announces Conditional Confirmation of its Reorganization Plan.Business/Automotive Editors STAMFORD, Conn.--(BUSINESS WIRE)--August 1, 2000 AutoInfo, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AUTO) today announced that its Reorganization Plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. has been conditionally confirmed by the Honorable Adlai S Adlai (ăd`lāī), in the Bible, the father of Shaphat (4.) . Hardin, Jr., 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. Bankruptcy Judge. The Plan will become effective without further action by the Court upon the closing of AutoInfo's merger with Sunteck Transport Co., Inc. Such closing is subject to the fulfillment (or waiver by Sunteck) of certain conditions, including AutoInfo's obligation to secure a commitment for $2 million in debt or equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. prior to closing. A copy of the Sunteck merger agreement is filed as an exhibit to the Company's Disclosure Statement filed in the bankruptcy proceeding (case No. 00-10368) and can be accessed on the Bankruptcy Court's website at http://ecf.nysb.uscourts.gov/index.html. William Wunderlich, President and Chief Financial Officer of AutoInfo stated, "The conditional confirmation of the Plan is a significant milestone in our reorganization process. We are extremely pleased that our Plan was accepted by our creditors without a single vote of rejection and that we are now cleared to secure a financial commitment and consummate the merger with Sunteck Transport Co., Inc." "We have begun our quest for Verb 1. quest for - go in search of or hunt for; "pursue a hobby" quest after, go after, pursue look for, search, seek - try to locate or discover, or try to establish the existence of; "The police are searching for clues"; "They are searching for the financing and are developing business strategies to expand Sunteck's revenue base," Mr. Wunderlich added. "Both Harry Wachtel, President of Sunteck, and I are excited about this achievement. We continue to look toward the future, the consummation of the merger and the restoration of shareholder value." This release contains "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. " 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 the consummation of the Sunteck merger and the ultimate confirmation of the Bankruptcy Plan. Therefore, there can be no assurance that forward-looking statements will prove to be accurate |
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