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Snap N' Sold Subsidiary Surpasses $10 Million in Total Sales and Enters Transaction Service and Vehicle Finance Business THURSDAY, NOVEMBER 17, 2005 9:16 AM - BusinessWire
SNPD 0.03 +0.004
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PALM HARBOR, Fla., Nov 17, 2005 (BUSINESS WIRE) -- Snap N' Sold Corp. (Pink Sheets:SNPD) announced today that with the closing of transactions over the past last week, its subsidiary, HotAutoWeb, has surpassed $10 million in total vehicle sales since its inception in 2002. Among other vehicles sold, the prior weeks' transactions were highlighted by the sale of a 1967 Ford Shelby Mustang GT 500 (F) for $117,000.00 USD. The company's management also reported that through a commitment from its funding partner, U.S.-based investment fund, The Nutmeg Group LLC, the subsidiary will now begin to provide follow-on services including internal financing for purchasers of its vehicle inventory.
Brian Hanold, President of the HotAutoWeb subsidiary, commented: "It was only a matter of time before the Company's stakeholders could no longer ignore the economic realities of our business. As our vehicle consignment business continues to grow, we are consistently faced with significant cash flows 'left on the table' by acting solely in the capacity of transaction agent." He continued, "Now, with the explicit non-equity based financial backing of The Nutmeg Group, we can become a full-lifecycle service provider whereby we can seamlessly provide escrow and insurance services as well as internal financing to the purchasers of these fine automobiles and specialty vehicles."
Randall S. Goulding, Managing Director of The Nutmeg Group, LLC, stated: "Our ongoing strategy meetings convinced us of the dramatic increase in revenues and earnings that could be generated from the addition of these services, particularly in-house vehicle finance. Vehicle finance is particularly attractive due to the fact that the implied value of these vehicles tends to increase over time and that the purchasers of these vehicles represent higher-income and credit worthy demographics." He continued, "In short, the specialty vehicle finance operations virtually ensure 'A' rated paper, extremely low default rates, impressive returns on invested capital and ongoing balance sheet enhancement at the parent company level. We are very excited to be instrumental in this new and exciting business unit."
About Snap N' Sold Corp.
Snap N' Sold Corp., http://www.snapnsold.com, is engaged in the eBay (EBAY) , drop store industry with competitors, Las Vegas based Net2Auction Inc. (Pink Sheets:NAUC), subsidiary of AmeriResource Technologies, Inc. (AMRE) , Dallas based Orbit Drop, Inc. (Pink Sheets:OBDP) and Auction Mills Incorporated (Pink Sheets:AUML) as well as other auction facilitators like the EZ2Companies.com, (EZTO) . Snap N' Sold is managing its growth through the acquisition of community-centered retail "thrift stores" that will continue operating in that business while also acting as local eBay drop store 'consignment centers' and corporate and estate asset disposition offices.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Snap N' Sold Corp., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Snap N' Sold Corp.
For Snap N' Sold, Palm Harbor Brass Bulls, Corp. Marc Lovito, 866-342-2700
Copyright Business Wire 2005 ********************************************************************** As of Sunday, 11-13-2005 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 08-08-2005 for F * $10.42. (C) 2005 Comtex News Network, Inc. All rights reserved.
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