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InAmerica To Acquire Loan Broker Affiliate of Auto Dealer Direct Marketer
Phoenix, AZ, - May 1, 1996 - InAmerica Corporation, a turnaround specialty firm, announced today that it has signed a letter of intent with Automotive Income Management, Inc., a privately-held corporation, to purchase Western Automotive Acceptance Corporation, a secondary finance company that originates and services automotive retail financing contracts for Secondary Lenders within the automotive industry.
The company provides underwriting services and loan origination services on sales initiated through its affiliate, Automotive Income Management, Inc.
InAmerica is a diversified holding company that specializes in developing leading edge innovative technologies and the acquisition, reorganization and turnaround of distressed businesses that retain dramatic potential once a recovery is completed. The company typically seeks to divest itself of the revived businesses through spin-off or outright sale to a company with a strategic need and fit.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Actual results of the combined entity could differ materially from those projected as a result of the timing and cost of implementing a restructuring program associated with combining the two companies. Also, actual results could differ due to various factors including the size and timing of individual orders, the conversion of engineering design orders into equipment orders, the recovery of project change orders, and the progress of the Company's product development activities relating to new markets. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events.
Press Contacts:
Matthew R. Gould,
President & COO
InAmerica Corporation
(972) 239-9282
George Walsh,
President
Western Automotive Acceptance Corporation
(972) 239-9282
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