Major Purchase of Vehicles Recovered From Hurricane Floyd
28 October 1999
OEM Auto Parts Recycler Announces Major Purchase of Vehicles Recovered From Hurricane Floyd
ATLANTA--Oct. 27, 1999--AmeraPARTS International today announced the single purchase of over 1,600 vehicles from a large U.S. insurance company with an ACV valuation estimated at $12.8 million.The cars, trucks and sport utility vehicles are recovered insurance company losses that resulted from the recent destruction in the Carolinas caused by Hurricane Floyd.
"Because most of the vehicles were recovered intact with little or no physical damage, this purchase will substantially increase the availability of quality recycled OEM replacement auto parts destined for professional collision and mechanical repair shops throughout the United States," said James R. Johnson, AmeraPARTS International CEO. "Utilization of AmeraPARTS(TM), All-OEM(TM) recycled collision replacement components in automotive repairs ensures that consumers are receiving the best quality parts while helping to maintain lower insurance rates."
Definition of Terms:
ACV: "Actual Cash Value" - The replacement cost of property damaged or destroyed at the time of loss, with deduction for depreciation.
OEM: "Original Equipment Manufacturer" - Parts that are manufactured by or for the company that builds the original motor vehicle.
About AmeraPARTS International, L.L.C.:
AmeraPARTS (http://www.ameraparts.com), founded in 1997, is a premier wholesale processor and distributor of top-quality recycled OEM automotive mechanical and body parts; OEM reconditioned components (such as plastic bumper covers and alloy wheels); and a full line of completely remanufactured and tested automatic transmissions. AmeraPARTS, through its network of state-of-the-art industrial complexes and local distribution facilities located throughout the Southeastern U.S., services professional repair shops and insurance appraisers on a same-day basis. AmeraPARTS is managed by a team of executives and directors who have extensive backgrounds in the automotive, financial management, industrial waste and Big-Five accounting industries; is audited annually by PricewaterhouseCoopers; and is partially owned by Churchill Environmental & Equity Partners, a Churchill Capital, Inc. private equity fund.
About Churchill Capital, Inc.:
Churchill Capital, Inc. (http://www.churchillnet.com) is a private investment fund management company that by the end of 1999 will have raised in excess of $1 billion in capital for three investment strategies, including the environmental industry.
