Warrantech Signs Agreement With Monro Muffler; New Warranty Program Launched with Leading Under-car Repair Specialist.
BEDFORD, Texas--(BUSINESS WIRE)--Jan. 22, 2003
Warrantech Corporation (OTCBB:WTEC), a leader and innovator in providing service contracts and aftermarket warranties announced an Agreement was signed with Monro Muffler Brake Inc. (Nasdaq:MNRO) launching a unique retailer warranty program. The product launch will begin in January 2003.
This direct marketing solicitation program is targeting those consumers who have recently utilized Monro service facilities. Customers whose vehicles mileage does not exceed 110,000 miles will be offered renewable service contract protection against mechanical failures.
Monro Muffler Brake is one of the largest providers of automotive undercar repair services in the mid-Eastern United States. Currently, Monro operates stores in New York, Pennsylvania, Ohio, Connecticut, Massachusetts, West Virginia, Virginia, Maryland, Vermont, New Hampshire, New Jersey, North Carolina, South Carolina, Indiana, Rhode Island, Delaware and Michigan. Monro provides a full range of services for exhaust systems, brake systems, steering and suspension systems and many vehicle maintenance services.
"Warrantech continues to look for innovative ways to help retailers provide the highest level of customer service and provide for incremental revenue streams," Joel San Antonio, chairman and chief executive officer of Warrantech, said. "The focus of our management team is to find creative new services that offer significant value to retailers and their patrons. The Monro program is a prime example of how we spot developing trends, create new products and bring them to our retail clients to help them meet the needs of their customers."
Warrantech Corporation 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, Puerto Rico and Latin America. For additional information on Warrantech, access www.warrantech.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties. Other risks and uncertainties include but are not limited to, Warrantech Automotive's ability to secure an alternate source of payment of claims under the vehicle service contracts as a result of the Reliance Insurance Company Liquidation, the effectiveness of cost containment measures and the continuation of current levels of business activity, the impact of competitive products, product demand and market-acceptance risks, reliance on key strategic alliances, fluctuations in operating results and cash flow and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. These risks could cause the company's actual results for the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company.
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|Date:||Jan 22, 2003|
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