Automax Group Inc. Signs a Letter of Intent to Acquire All of the Outstanding Shares of Tagit Marketing and Development Inc.Business Editors NORTH LAUDERDALE Lauderdale is the name of various places:
On Aug. 28, 2001, Automax Group Inc. (Pink Sheets:AMXX) signed a letter of intent to acquire all of the outstanding shares of Tagit(r) Marketing and Development Inc. in a stock for stock transaction. The exact terms of the acquisition are still to be determined; however, it is anticipated that Automax will issue 1,000,000 shares of restricted common stock for the acquisition. The acquisition is expected to close in early October 2001. Tagit(r) is a developmental stage company which will need financing to complete development of a revolutionary product designed initially for the financial lender in the automobile industry automobile industry, the business of producing and selling self-powered vehicles, including passenger cars, trucks, farm equipment, and other commercial vehicles. . Often, especially in the sub-prime auto market, failure by the purchaser to make timely payments results in the necessity to repossess repossess v. to take back property through judicial processes, foreclosure, or self-help upon default in required payments. a vehicle (the collateral). Occasionally, the location of the vehicle is difficult to ascertain. The product, currently under development by Tagit(r), will, with certainty, determine the actual location of the vehicle, and a network of repossession The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it. For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, companies around the country will secure and take possession of the vehicle for return to the financial lender. Qualified personnel, innovative technology and a system designed specifically for this market can make Tagit(r) attractive for any financial lender, automobile dealer and repossessor. Automax Group Inc. is a "Buy here -- Pay here" used car sales and finance company that has served the South Florida sub-prime auto market for 3 years. Automax underwrites, finances and services loans generated at its dealerships, and serves customers with limited credit histories, low incomes, or past credit problems who cannot access traditional financing. 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 provides a "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. " for 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. . Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Automax) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of Automax. These risks and uncertainties include, but are not limited to, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc development and expansion activities, dependence on existing management, financing activities, and market competition factors. |
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