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Manchester, Inc. Comments on Market Activity in Company's Stock Oct 12, 2006 11:06:00 AM
DALLAS, Oct. 12 /PRNewswire-FirstCall/ -- Manchester, Inc. (MNCS.OB) today announced it is not aware of any materially adverse news notwithstanding price adjustment in the Company's stock.
Manchester recently closed a $300 million credit commitment and a $75 million loan for the acquisition of privately held Nice Cars, Inc. and Nice Cars Acceptance Corporation, an affiliate credit acceptance company, as previously disclosed.
Manchester is actively exploring additional acquisitions. The Company expects to make additional announcements shortly.
About Manchester, Inc.
Manchester, Inc. headquartered in Dallas, Texas, seeks to create the preeminent company in the "Buy-Here/Pay Here" auto business; selling and financing used vehicles to credit impaired borrowers. The company intends to sell acquired and newly generated receivable portfolios through a securitization process. On October 6, 2006, Manchester acquired Nice Cars, Inc. and Nice Cars Acceptance Corp. Nice Cars, Inc., headquartered in Chattanooga, Tennessee, operates six automotive sales lots that focus exclusively on the Buy-Here/Pay-Here segment of the used car market. Buy- Here/Pay-Here dealerships sell and finance used cars to individuals with limited credit histories or past credit problems. Nice Cars Acceptance is a financial services affiliate of Nice Cars, Inc. that purchases the retail sales contracts of Nice Cars, Inc. and assumes all rights and responsibilities with respect to sales contracts with varying terms, generally ranging from 24- 48 months.
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Manchester cannot provide assurances that any prospective matters described in the press release will be successfully completed or that the Company will realize the anticipated benefits of any transactions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential from war or other hostilities in other parts of the world; availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Manchester SEC filings. Manchester undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with the business of Manchester, please refer to the risks and uncertainties detailed in the Manchester SEC filings.
SOURCE Manchester, Inc.
before_the_crowd
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Ohh Boy ...I rode this stock for like 15 days last month and didnt sleep one night!! I somehow had a BAD BAD feeling ab it...INfact my inlaws were asking me ab this stock and I told them NEVER NEVER in the history of PUBLICLY traded stock can there be a stock which goes up by 0.50% everyday....
NUTS!
What a MANIPULATION...
tompom
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sold at 6.10 what a dud!
OILDOG
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quote:Originally posted by before_the_crowd: Ohh Boy ...I rode this stock for like 15 days last month and didnt sleep one night!! I somehow had a BAD BAD feeling ab it...INfact my inlaws were asking me ab this stock and I told them NEVER NEVER in the history of PUBLICLY traded stock can there be a stock which goes up by 0.50% everyday....
NUTS!
What a MANIPULATION...
heh heh. Same here.Worry was,CAN I sell!!! Boy. Smells like GRYF.
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