DETROIT, Michigan, March 9, 2004 (PRIMEZONE) -- Calling it the first step in the company's planned national expansion, newly public Ideal Accents, Inc (OTCBB:IACE) said today that it has opened its fifth full service auto accessorizing shop in Lansing, Michigan. Already the largest accessorizer at the new dealer level in Detroit, with 4 shops serving 78% of the market, and in Toronto, with 1 shop serving 40% of the market, the new shop in Lansing brings Ideal's superior quality products, competitive prices and high level of service to 50 new car dealerships in the Lansing area.
Ideal Accents Chairman and CEO, Joe O'Connor stated, "The expansion to Lansing is the first of four to five expansion steps and acquisitions we hope to make this year. Our long-range plan is to expand to 100 shops throughout North America -- at a pace that permits us to exceed the underlying growth rate in the industry."
Commenting further on the company's strategy, Mr. O'Connor stated, "We operate in a highly fragmented industry where sales are growing at 7.5% per annum. There are some 2,000 accessorizing shops servicing the new car dealers in North America operated by individuals with limited exit strategies. We know many of these operators who consequently have expressed interest in being acquired by our public company. Through our acquisition program and the strong foundation for success we have developed, our aim is to become the leading automotive aftermarket parts and installation supplier to new car dealers throughout the U.S. and Canada."
Ayaz Somani, President of Ideal, stated, "We're very pleased to be in Lansing, just 70 miles west of our Michigan headquarters, where more than 20% of the new car dealers we'll be servicing are within a quarter mile radius of this new shop." He added, "Our very highly trained staff and our wide range of full service accessorization opportunities are what makes us stand out from the competition. I expect Lansing will be a solid contributor to our bottom line."
About Ideal Accents
Ideal Accents, Inc. (OTCBB:IACE), headquartered in Detroit, MI, is in the business of accessorizing cars and trucks at the new vehicle dealer level. An ISO 9001 certified company, Ideal is licensed by leading tier one suppliers to Original Equipment Manufacturers ("OEMs") like GM, Ford and Toyota to sell and install their accessory products on vehicles in the aftermarket. Ideal has six installation shops, with four servicing the Metro Detroit area, and one each servicing Lansing, Michigan and Toronto, Canada. The company and its subsidiaries have over 100 employees.
Working directly with and compensated by auto dealers in each area, Ideal installs products that speak to the automotive-related styling and functional needs of customers. These products include sunroofs, leather seats, wheels, keyless entry, GPS navigation systems, TV's, DVD's, CD changers, truck accessories and performance enhancement parts. According to SEMA, a leading market research company in the auto industry, the multi-billion dollar auto accessory business enjoys a steady average annual growth rate of approximately 7.5%.
Additional information about the company can be found on its Web site at www.idealaccents.com, including the company's filings with the SEC.
SAFE HARBOR Information in this news release or on the website may contain statements about future expectations, plans, prospects or performance of Ideal Accents, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Ideal cautions you that any forward-looking information provided by or on behalf of Ideal is not a guarantee of future performance. None of the information on the website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in the website. Ideal Accents, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Ideal's control, in addition to those discussed in Ideal's press releases, public filings, and statements by Ideal's management, including, but not limited to, Ideal's estimate of the sufficiency of its existing capital resources, Ideal's ability to raise additional capital to fund future operations, Ideal's ability to refinance or repay its existing indebtedness. All such forward-looking statements are current only as of the date on which such statements were made. Ideal does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.