Carcorp USA Announces Record Six Month Results and Intention to File for Listing on Nasdaq


FORT LAUDERDALE, Fla., Aug. 15, 2002 (PRIMEZONE) -- Today, Carcorp USA (OTCBB:CUSA) ("CUSA") announced its results for the quarter ending June 30,2002 and its record results for the first six months of 2002. The Company recognized gross income of $1,262,680 for the second quarter, which accounts only for the Company's share of revenue realized from its leasing activities. The Company's earnings before interest, taxes, depreciation and amortization was $ 933,934 for the quarter or approximately $.05 per share, and net income was $137,167 for the quarter or $.01 per share. Total gross income for the first six months of this year was $2,680,999, with EBITDA of $ 2,082,499 or $.11 per share. These results represent a 38.7% increase in gross income in comparison to the first 6 months of 2001, when the Company realized $1,932,478, and a 41% increase in EBITDA from the $1,467,613 recognized in the first six months of 2001. The Company's net income for the first six months of 2002 was $305,842, which was a 400% increase over the net income of $76,417 booked in the first six months of 2001.The Company reported a total loan value of $14,685,777 on its books at the end of the quarter. The Company's chief executive officer has certified these financials as true and correct.

Chairman of the Board, Michael DeMeo, stated, "We are proud of our accomplishments during the second quarter, as well as for the first six months of this year. We have been able to take advantage of uncertain economic times, and the withdrawal of several major banks from the auto financing industry, to expand the loans on our books while simultaneously upgrading the credit of our clients. We expect this positive trend for our business to continue throughout 2002, as weaker players in our industry are forced out of business or are acquired, and better quality clients seek the services of specialty financing companies like Carcorp. With our entry into the public marketplace during the second quarter, which gives us greater exposure to the capital markets, and the fact that we can now use our stock as currency to make acquisitions in our consolidating marketplace, we should see growth for this year of at least 50 % over the business we did in 2001."

Mr. DeMeo as noted that his decision to file the certification of accuracy for the second quarter results, while technically not required to do so by the new legislation recently enacted, indicates the Company's commitment to the highest level of corporate governance. The Company is also forming a board of directors, which has a majority of independent directors, and has properly constituted audit, nomination and compensation committees. The composition of the board and the appointment of these committees will be announced after the next scheduled board meeting in early September.

The Company also announced that it would be filing its application to list on Nasdaq in the next 2 weeks, since it presently meets the listing and corporate governance rules of Nasdaq. It expects to be trading on Nasdaq during the fall of 2002.

FORWARD LOOKING STATEMENT:

Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 2 1E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. Such time, and the company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

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