AutoInfo, Inc. Announces Sale of Automobile Receivables.MONTVALE, N.J.--(BUSINESS WIRE)--Aug. 31, 1998--AutoInfo, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AUTO) today announced the sale of automobile receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed with a net balance of approximately $16.3 million. The net cash proceeds were used to reduce the outstanding balance on the Company's warehouse facility. Scott Zecher, President and Chief Executive Officer of AutoInfo, stated, "this sale brings our total sales of automobile receivable to approximately $60 million during 1998. We are continuing our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan in an effort to enhance shareholder value." AutoInfo, Inc. is a specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. consumer finance company that services retail installment contracts installment contract n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. from automobile dealers selling new and used vehicles to non-prime customers. 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 onassumptions 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. Therefore, there can be no assurance that the forward-looking statements will prove to be accurate.
CONTACT: AutoInfo Inc., Montvale
Scott Zecher, 201/930-1800 ext. 180
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