Warrantech Corporation Subsidiary in Agreement With Staples, Inc. - Product Service Plans Valued At Approximately $35 Million.STAMFORD, Conn.--(BUSINESS WIRE)--March 23, 1999--Warrantech Corporation (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : WTEC WTEC World Technology Evaluation Center ) announced today that its Warrantech Help Desk, Inc. subsidiary extended its agreement with Staples, Inc. to provide product service plans to Staples' customers through all of Staples' 700 plus stores.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Company, the two-year agreement is expected to yield $35 million in revenues to Warrantech. Under the terms of the agreement, Warrantech will offer Staples= customers an Extended Protection Plan (EPP (1) (Enhanced Parallel Port) See IEEE 1284.
(2) (Ethernet Packet Processor) A chip from Kalpana, Inc., Santa Clara, CA that doubles speed of Ethernet transmission to 20Mbits/sec. In 1994, Kalpana was acquired by Cisco. ) which will begin where the manufacturer=s warranty leaves off. The plan will cover both home office and computer related products sold through over 700 Staples stores.
In announcing the agreement, Joel San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , President and Chief Executive Officer of Warrantech, said, AThe agreement with Staples reinforces our long relationship with a company that is the premier force in its marketplace, selling to both small and large corporations. We are dedicated to continuing and enhancing our relationship with Staples, as well as the many other fine organizations that Warrantech represents.@
Warrantech Corporation, through its subsidiaries, administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The Company continues to expand its domestic and global penetration, and now provides its services in the United States, Canada, Mexico, the United Kingdom, Puerto Rico and Latin America. -0-
The information contained in this news release, other than historical information, consists of forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such statements regarding the timing of acquiring and developing new products, of bringing them on line and of deriving revenues and profits from them, as well as the effects of those revenues and profits on the company's margins and financial position, is uncertain because many of the factors affecting the timing of those items are beyond the company's control.
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