Western Oil & Tire Distributors, Inc. Agrees in Principal to Acquire a Western United States Petroleum Product Distributor.KIRKLAND, Wash.--(BUSINESS WIRE)--Sept. 17, 1998-- Petroleum Product Distributor Acquisition In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its strategy and plan to grow by acquiring existing petroleum product distributors and wholesale and retail tire businesses with proven positive operating results, Western Oil & Tire Distributors, Inc. ("WOTD WOTD Word of the Day WOTD write only, top down (algorithm) WOTD Walking Out the Door WOTD Website of the Day ") announced today that it has reached agreement in principal to acquire a Western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century based petroleum product distributor. The parties have entered into a Letter of Intent which sets forth major terms and conditions of the acquisition and are in the process of conducting due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and negotiating other terms and conditions to a final agreement. This fourteen (14) year old business not only would provide WOTD with an established $45 million annual petroleum product revenue base, but also would provide WOTD with a heavily experienced executive level and general management team to direct and operate WOTD's petroleum product division and compliment the Company's growth by acquisition plan. This is the second acquisition candidate signed by the Company. Total sales of both companies are in excess of $48 million. Other Acquisition Opportunities The Company plans to continue negotiations with other acquisition candidates located in Western United States and Canada with a goal of closing 4 to 6 acquisition representing a revenue base of $100 million or more by December 1999. Financing Among other terms and conditions of agreements with business sellers is a provision that closing is subject to financing. The Company's plan is to raise additional capital through private placement or public offerings of the Company's securities. These efforts are on going. Trading Symbol Trading symbol See: Ticker symbol Trading Symbol for the Company is "WOTD" Contacts The following are contacts for further information: Investor Relations Investor relations The process by which the corporation communicates with its investors. : Western Oil & Tire Distributors, Inc. Mike Walker - 888/878-9683, e-mail wotdi@aol.com Investment Professionals: RMJ RMJ Richard Mentor Johnson (ninth Vice President of the United States) & Associates, Inc. Peter Bianchi - 281/596-9000, e-mail rmjassoc@swbell.net This release contains 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. with respect to the results of operations and business of Western Oil & Tire Distributors, Inc. that involves risk and uncertainties. The Company's actual future results could materially differ from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports. |
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