Carbiz Announces Expansion Strategy.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--April 1, 2004 Carl Ritter Carl Ritter (August 7, 1779 – September 28, 1859) was a German geographer. Along with Alexander von Humboldt, he is considered one of the founders of modern geography. From 1825 until his death, he occupied the first chair in geography at the University of Berlin. , Chairman and Chief Executive Officer of Carbiz Inc. (TSXV:CZ) is pleased to announce the completion of the first portion of its non-brokered private placement for an aggregate 1,054,157 units of Carbiz at a price of $0.30 per unit for gross proceeds of Cdn $316,247. Each unit consists of one common share and one warrant, with each warrant exercisable into one common share until March 31, 2005 upon payment by the holder of $0.30 per common share. All of the securities will be subject to a 4-month hold period in accordance with applicable securities laws. Final closing is subject to regulatory and stock exchange approval. Carbiz (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CZ) anticipates the second closing of the private placement will occur, within the next month, on the same terms and conditions. In total, the maximum number of units issued will not exceed 4,166,667 units. Carbiz has been a leading consultant to businesses across the 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. that specialize in the Buy-here Pay-here finance business. Utilizing this experience, Carbiz plans to open its first corporately owned "Carbiz Credit Center", a Buy-here Pay-here dealership, in Palmetto palmetto or cabbage palmetto Tree (Sabal palmetto) of the palm family, occurring in the southeastern U.S. and the West Indies. Commonly grown for shade and as ornamentals along avenues, palmettos grow to about 80 ft (24 m) tall and have fan-shaped leaves. Florida in April 2004. A second Credit Center is scheduled to open later this year. Each Credit Center will generate revenue by underwriting short-term finance contracts for "credit-challenged" consumers. The size of the Buy-here Pay-here industry is estimated to be approximately US$50 Billion by the National Buy-here Pay-here Dealers Association. Mr. Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r explains: "Over the last year we have worked to position the company for this new growth strategy. Our strength, over the past few years, has been focused on providing software and consulting to the Buy-here Pay-here dealer market. This market is best described as the specialty consumer finance business. The Buy-here Pay-here business is about underwriting and collections in a low, or poor credit market. Our business model and expertise in this area make this growth strategy a logical next step for Carbiz. Each Credit Center that we open is structured to be profitable in the first year and the opportunity exists to open multiple Credit Centers, initially, in the State of Florida." Carbiz has also issued 500,000 options to directors and insiders at an exercise price per common share of $0.30 cents. The options will also be subject to a 4-month hold period in accordance with applicable securities laws and will expire on March 31, 2009. Based in Toronto and Sarasota, Florida Sarasota is a city located in Sarasota County on the central west coast of Florida, USA. Its official limits include Sarasota Bay and several barrier islands between the bay and the Gulf of Mexico. , Carbiz Inc., is a leading provider of Internet and software solutions to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Carbiz's suite of business solutions include dealer software products focused on the finance, sub-prime finance, buy-here pay-here finance solutions, lead generation, Internet and training services. Carbiz has provided thousands of products to dealers in the U.S., Canada, and other countries and currently supports over 3000 dealers with a recurring revenue model plus individual product sales. 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. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Carbiz.com Inc. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Carbiz Inc. 93 Skyway sky·way n. 1. A route regularly used by airplanes; an air lane. 2. An elevated highway. Noun 1. skyway - a designated route followed by airplanes in flying from one airport to another Avenue, Suite 210 Toronto, ON M9W 6N6 Tel: (416) 391-2594 Fax: (416) 391-4824 ir@carbiz.com www.carbiz.com The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has in no way passed upon the merits of the proposed transaction and neither approved nor disapproved the contents of this press release. |
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