Contact Information: Contacts: Company Joseph L. DeFrancisci President & CEO 407-363-5633 Investor Relations Jay Pfeiffer Pfeiffer High Investor Relations, Inc. 303-393-7044
General Automotive Company Terminates Letter of Intent to Acquire Europacific Parts International
| Source: General Automotive
ORLANDO, FL--(Marketwire - May 15, 2009) - General Automotive Company (OTCBB : GNAU ), a
North American provider of aftermarket parts and advanced technology for
the automotive industry, today announced its non-binding letter of intent
to acquire privately held Europacific Parts International Inc. (EPI) has
been terminated.
"While we believe EPI is an exciting company with good growth potential, we
determined through the due diligence process that completing the
transaction would require more resources than originally anticipated and
therefore is not in the best interests of our stockholders," said Joseph
DeFrancisci, president and CEO of General Automotive.
About General Automotive Company
General Automotive Company ("GAC") is focused on expanding its operating
growth platform through multiple and ongoing acquisitions of successful
niche manufacturing companies in the automotive industry. General
Automotive's wholly owned subsidiary, OE Source ("OES"), imports and sells
hard-to-get auto parts from proprietary sources domestically and abroad,
fulfilling critical portions of its customers' supply chain. These
customers include large, multi-national distributors. OES specializes in
engine management products such as O2 sensors, which is a rapidly growing
and government mandated segment of the auto supply industry. General
Automotive is also a partner in the Advanced Composite Technology joint
venture with SenCer Inc., the advanced ceramics research laboratory whose
proprietary "Ultra-Temp" technology is a potential game changer in the
fields of oxygen sensors and SOFC fuel cells for powering automobiles.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These
forward-looking statements are based on current plans and expectations of
management and are subject to a number of uncertainties and risks that
could significantly affect the Company's current plans and expectations, as
well as future results of operations and financial condition. Specifically,
the Company's ability to close and integrate acquisitions are
forward-looking statements. A more extensive listing of risks and factors
that may affect the company's business prospects and cause actual results
to differ materially from those described in the forward-looking statements
can be found in the reports and other documents filed by the company with
the Securities and Exchange Commission. The company undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.