CSK Auto Corporation Announces Sale of Automotive Information Systems.PHOENIX -- CSK Auto CSK Auto Inc. is the largest specialty retailer of automotive parts and accessories in the western United States and one of the largest retailers of such products in the entire country. Corporation (NYSE NYSE See: New York Stock Exchange :CAO) announced today that on January 21, 2005, CSK Auto, Inc. (CSK CSK see chronic superficial keratitis. ) sold all of the issued and outstanding capital stock of Automotive Information Systems, Inc. (AIS), dba Identifix, its wholly-owned subsidiary, to Mobile Productivity, Inc. (MPI MPI - Message Passing Interface ). AIS provides diagnostic vehicle repair information to automotive technicians, automotive replacement parts manufacturers, automotive test equipment manufacturers and do-it-yourself consumers. As consideration for the sale, CSK received a senior secured note in the amount of approximately $12 million, which is convertible into shares of MPI common stock under certain circumstances. CSK also obtained a license from MPI to utilize certain software products made available by AIS, and the right to designate one member of MPI's Board of Directors, in accordance with the terms of the transaction agreements. CSK does not expect that this transaction will have a material impact on its financial statements. CSK, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CSK Auto Corporation, is a specialty retailer in the automotive aftermarket. As of January 2, 2005, the Company operated 1,130 stores in 19 states under the brand names Checker Auto Parts, Schuck's Auto Supply and Kragen Auto Parts. Portions of this release may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "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. " protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in the company's performance is contained in the company's filings with the Securities and Exchange Commission. |
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