Carbiz to Open 2nd Credit Center.SARASOTA, Fla. -- Richard Lye, President of Carbiz Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CZ) is pleased to announce plans to open a 2nd credit center in the Gulf Coast region of Florida. Carbiz opened its first credit center 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. in May, 2004 and plans for a 2nd facility to open in November of this year. These credit centers are part of Carbiz's aggressive expansion strategy, leveraging their industry knowledge and software products to open credit centers able to finance customers with poor credit for an automobile purchase. Each credit center will originate, fund, manage and collect loans for vehicles that they have sold to these customers. Rick Lye commented "The Palmetto Credit Center has had an excellent start and is on target to deliver solid results. With the addition of a 2nd facility we will expect to have a very strong finish to the year." Mr. Lye is also pleased to announce, as a means of financing the Carbiz expansion strategy, the completion of a non-brokered arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. private placement of 10% convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. in the principal amount of $250,000US. The debentures mature in March 2005 with both principal and interest being convertible into common shares of Carbiz. The principal is convertible at a price per share equal to the closing price of Carbiz shares on 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. on the day prior to conversion or the price of any financing completed by Carbiz prior to the maturity date, subject to a minimum conversion price of $0.22 per share. The interest is convertible on the maturity date at a price per share equal to the closing price of Carbiz shares on the TSX Venture Exchange on the day prior to the maturity date, subject to a minimum conversion price of $0.22 per share. The debentures 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. 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Carbiz Inc. (TSX VENTURE:CZ) |
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