Western Oil & Tire Distributors, Inc. Board of Directors Announce Plans for Restructuring Company.KIRKLAND, Wash.--(BUSINESS WIRE)--March 8, 1999--Armed with a new strategic marketing plan and a revised funding plan, the board of directors of Western Oil & Tire Distributors Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:WOTD WOTD Word of the Day WOTD write only, top down (algorithm) WOTD Walking Out the Door WOTD Website of the Day ) (the "company") unanimously approved a resolution to restructure the company. The resolution to reposition the company was passed in order to give WOTD the best opportunity to complete its growth plan and to move the company forward. The restructuring is summarized as follows: Formation of a New Subsidiary ("IIPT IIPT International Institute for Peace through Tourism (USA) IIPT Institute of Islamic Political Thought IIPT Integrating Integrated Product Team IIPT Integrating Integrated Process Team ") The board authorized the formation of a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. corporation to be named International Internet Petroleum & Tire Distributors Inc. (IIPT) into which the company plans to transfer the rights to the trade name "Western Oil & Tire Distributors Inc.," the business plan and other accounts relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the petroleum product and tire distribution project. The slate of officers and directors planned for IIPT includes highly experienced executive- level management team members who currently own and operate successful petroleum product and tire businesses. Spin-off of the WOTD Project to the Company's Shareholders The company's new strategic focus includes transferring the ownership of IIPT to its shareholders in a spin-off transaction whereby the shareholders of the company will receive shares in IIPT by a stock distribution proportionate to each shareholder's interest in the company at time of such distribution. The company's shareholders will own stock in two companies upon completion of the planned spin-off of IIPT. IIPT will be directed to focus on the petroleum and tire distribution business consolidation ("roll-up") plan. IIPT's corporate financing plan includes future application to become a separate publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. . Two companies targeted for initial acquisition by IIPT represent an asset base of over $7 million with reported annual sales for 1998 in excess of $40 million. Business Purpose The spin-off of the WOTD project is designed to allow IIPT to focus on the petroleum and tire project and allow the company to pursue other business opportunities, several of which have been presented to the company for consideration. A change in the corporate name of the company is contemplated by this restructuring and is expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. in the near future. Other Matters The company plans to include further details of the restructuring with its notification of a shareholders meeting scheduled for March 24, 1999, at the corporate offices in Kirkland. The company has targeted May 1, 1999, to complete the restructuring. The company recently engaged the services of PMR PMR 1 Percutaneous myocardial revascularization, see there 2 Perinatal mortality rate 3 Polymyalgia rheumatica 4 Proportionate mortality ratio, see there & Associates a corporate public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most firm to represent the company in the financial community. Patrick Rost may be contacted at 760/942-0015. This release contains forward-looking statements with respect to the results of operations and business of the company 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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