POMONA, Calif., April 4, 2007 (PRIME NEWSWIRE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired the assets of Auto Panels Plus, based in Tulsa, Oklahoma. Auto Panels recorded sales of approximately $5.0 million for the twelve months ended March 31, 2007 and operates locations in the Tulsa and Oklahoma City markets. Terms of the transaction were not disclosed.
"This acquisition enhances Keystone's existing presence in both the Tulsa and Oklahoma City regions and supports the company's ability to offer quality parts and superior service. We look forward to capitalizing on opportunities to expand our customer base in this region," said Rick Keister, chief executive officer of Keystone.
About Keystone
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 136 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. Its products 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 its ability to enhance its market position in the Tulsa and Oklahoma City regions; ongoing litigation related to the Ford/ITC design patent proceeding; and other potential aggressive actions being taken by certain car manufacturers to negatively impact the aftermarket collision replacement parts industry, including patenting vehicle parts sold by the aftermarket, instituting litigation relating to alleged trademark violations and lobbying state legislature to adopt legislation favoring the OEM's; the impact on the company as a result of actions which have been, or in the future may be, taken by insurance companies with respect to the use of aftermarket products in the repair of vehicles; the effect of policies adopted by CAPA; and the costs of litigation. Reference is also specifically made to the "Risk Factors" section set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) for the fiscal year ended March 31, 2006 and in Part II, Item 1A of its Form 10-Qs filed with the SEC thereafter, including its Form 10-Q for the quarter ended September 29, 2006, for additional information on the 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.