Acacia Automotive Announces Chattanooga Acquisition
CHATTANOOGA, Tenn., Sept. 21 /PRNewswire-FirstCall/ — Acacia Automotive, Inc. (Ticker-ACCA) today announced it has executed the documents to acquire Chattanooga Auto Auction. The selling unit, Chattanooga Auto Auction Limited Liability Company is owned by Ms. Alexis Jacobs of Columbus, Ohio. Ms. Jacobs is also one of the owners of the Columbus Fair Auto Auction.
Acacia recently filed an 8-K with the SEC detailing the terms of the Asset Purchase Agreement and a separate Management Agreement under which it will operate the auction until the closing date of December 26, 2009, coinciding with the ending of the current auction owner’s fiscal year. The Company will initially lease the facility and has an option to purchase it for several years into the future.
The Company cited a series of events that began in July of 2008 and culminated in the execution of the definitive agreement on August 31st of this year and resulting in its assumption of management control on September 1st. The Company formed a Tennessee corporation named Acacia Chattanooga Vehicle Auction, Inc. to accept assets of the auction, and will do business there as Chattanooga Auto Auction.
The Company was quick to point out that this could not have been brought to a conclusion without the unparalleled fairness and generosity of Ms. Jacobs and the invaluable assistance of her trusted partner, Mr. Keith Whann. Acacia’s CEO, Steve “Junior” Sample praised the efforts of Whann in making everything happen. “Alexis is fortunate to have such a capable person as Keith,” said Sample. “Keith has a way of getting right to the heart of the matter with a minimum of wasted time and a maximum of efficiency. His professionalism made the entire affair a breeze and eliminated any difficulties before they even arose, all the while bringing a very pleasant and light tone to every phase of the negotiations and execution. I wish everyone were this professional and pleasant.”
Sample went on to say that they are retaining the auction’s current general manager, Margaret Galloway, and have allocated the majority of David Bynum’s time to be spent there well into the future. Bynum, Acacia’s vice president and COO, has mapped significant increases in sales and revenues that are anticipated to begin without delay, including a Grand Opening sale October 13th to introduce the auction’s new ownership and direction. He continued: “We know that Alexis and Keith have bigger fish to fry in Columbus, and that led to us having this chance to acquire Chattanooga. We cannot thank them enough for this opportunity, and are absolutely thrilled with our new auction and the fantastic facility. This is a place you can really be proud of…and we are!”
Acacia Automotive, Inc. (www.acacia.bz) is America’s newest publicly-traded automotive auction services company, but comes with seasoned veterans in management. Acacia believes there were once three companies in balance that provided the industry’s clients with a solid stance and fair choice. That balance was toppled when one leg was eliminated with the sale and subsequent absorption of ADT Automotive in 2000. Acacia intends to bring back that balance and return a much-needed stabilization to the industry, believing that “competition is a good thing.” Acacia is currently reviewing several more acquisition opportunities as it adds Chattanooga Auto Auction to its line up. The Company plans to raise the capital to acquire several additional auctions per year well into the future, possibly through the sale of common stock.
About Keith Whann
Keith Whann is the founder of the law firm Whann & Associates LLC, located in Dublin, Ohio. In addition to his role as The Car Counselor to the motor vehicle industry, Mr. Whann serves as General Counsel for the NIADA (a position he has held since 1996) and is Co-owner, CEO and General Counsel for Columbus Fair Auto Auction in Columbus, Ohio. He has also served recently as vice president of Ms. Jacobs’ Chattanooga entity. Most recently, Mr. Whann launched www.Auttr.com, a fully-integrated business and social networking site for businesses and consumers alike dedicated to the automotive industry.
This release includes forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Such statements, including information and statements regarding anticipated financial results, potential success of anticipated acquisitions, business operations, product marketing and potential market opportunities are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. The forward-looking statements in this document are made as of the date of publication hereof and the Company does not undertake to update its forward-looking statements.
For information please contact Investor Relations at: Acacia Automotive, Inc. Steven L. "Junior" Sample, CEO Com: (352) 427-6848 Fax: (352) 502-4783 Email: Investor.Relations@acacia.bz Internet: www.acacia.bz
SOURCE Acacia Automotive, Inc.