Western Oil and Tire Distributors, Inc. Has Extended a Definitive Agreement to June 30, 1999 to Acquire a $3 Million Nevada Tire Business Consisting of Two Retail Outlets and a Recapping Plant.KIRKLAND, Wash.--(BUSINESS WIRE)--March 16, 1999-- WOTD WOTD Word of the Day WOTD write only, top down (algorithm) WOTD Walking Out the Door WOTD Website of the Day has lined up two more substantial acquisition candidates awaiting funding to close. WOTD (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:WOTD) announced today that it has extended its agreement until June 30, 1999 to acquire a $3 million Tire business in Nevada which operates two retail tire stores and a recapping plant. Its management has over 30 years in the industry and has agreed to join WOTD's management team. The two additional target companies, one a multiple location tire business and one an international wholesale petroleum distribution business have agreed in principle to become part of WOTD. Together these two companies have revenues in excess of $40 million. These companies bring seasoned management teams to the table. WOTD will have depth and relevant operating experience when these three acquisitions are complete. Each of these acquisitions is subject to financing terms and conditions that WOTD is working to satisfy. Financing The Company has received a commitment for up to $450,000 in financing to fund operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets requirements to move the company's revised business plan forward. The company plans to close this private placement Reg. D-504 offering by March 31, 1999. The Company is vigorously pursuing several identified financing opportunities to fund costs of closing its first round targeted acquisitions. Several financing sources have been contacted which provide debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for roll-up projects such as planned for the Company. The aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. operating capital commitment should enable the Company to implement its revised funding plan targeted at closing its early acquisition candidates. The Company's petroleum and tire distribution business will be managed for the benefit of stockholders under the newly formed entity "International Internet Petroleum & Tire Distributors Corp." ("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 "). Stockholder Meeting Date Notification of a stockholders meeting set for March 24, 1999 was sent to all stockholders of record as of March 2, 1999. The Company's revised funding plan provides for a separate management team to head up IIPT (the petroleum and tire distribution project). Effective March 19, 1999 the stockholders of the Company will automatically receive ownership of IIPT in a distribution of IIPT shares and warrants, details of which are set forth in an information statement included with the notice of stockholders meeting. Contact Mr. Patrick Rost of PMR PMR 1 Percutaneous myocardial revascularization, see there 2 Perinatal mortality rate 3 Polymyalgia rheumatica 4 Proportionate mortality ratio, see there and Associates, the Company's recently appointed 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, may be contacted at 760/942-0015 email: pmrandco@aol.com. The Company may be contacted at 888/878-9683. 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 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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