POMONA, Calif., Nov. 16, 2004 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (NASDAQ:KEYS) today announced that it has acquired Chambers Parts Distributors, headquartered in Manchester, Maine. In addition to Manchester, Chambers operates out of facilities in Bangor and Portland, Maine. Chambers recorded sales of approximately $5.0 million in 2003. Terms of the transaction were not disclosed.
"The acquisition enables Keystone to expand its presence in a geographic region not currently served by the company. We look forward to capitalizing on opportunities available to the company in this territory," said Richard L. Keister, president and chief executive officer of Keystone.
About Keystone
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 126 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada. Its product lines consist of automotive body parts, bumpers, and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the United States and Canada.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by the company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors, including but not limited to the impact on the company as a result of (i) the inherent uncertainty in projecting results of operations for future periods, (ii) the continued expenses and risks involved in the implementation of the new enterprise management information system and (iii) the impact on the Company as a result of a new chief executive officer of the Company being appointed on August 18, 2004 and (iv) actions which have been, or in the future may be, taken by insurance companies with respect to aftermarket lighting products and the willingness of aftermarket lighting manufactures to insure compliance with federal standards. Reference is also made to the Cautionary Statements set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission(SEC) on June 9, 2004 and in Part II,Item 5 of its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.