Attached files
file | filename |
---|---|
8-K - FORM 8-K - MOTORCAR PARTS AMERICA INC | v57168e8vk.htm |
EX-10.1 - EX-10.1 - MOTORCAR PARTS AMERICA INC | v57168exv10w1.htm |
EX-10.2 - EX-10.2 - MOTORCAR PARTS AMERICA INC | v57168exv10w2.htm |
Exhibit 99.1
CONTACT:
|
Gary S. Maier | |
Maier & Company, Inc. | ||
(310) 442-9852 |
MOTORCAR PARTS OF AMERICA ANNOUNCES STRATEGIC INVESTMENT
IN TORONTO-BASED AUTOMOTIVE PARTS SUPPLIER
IN TORONTO-BASED AUTOMOTIVE PARTS SUPPLIER
Opportunity for Future Acquisition and Product-Line Expansion
LOS ANGELES, CA August 30, 2010 Motorcar Parts of America, Inc. (NasdaqGM:MPAA)
today announced it has made a US$1.9 million (CDN$2.0 million) strategic investment in Fenwick Automotive Products
Limited structured as a secured loan with an option to acquire substantial ownership of the
company.
This transaction represents a potential opportunity to expand beyond Motorcar Parts of
Americas alternator and starter business and leverage our companys existing manufacturing
expertise and distribution channels with a broad array of automotive products. A major benefit of
the transaction is the option to acquire a substantial portion of Fenwick Automotive and likely
more than double Motorcar Parts of Americas annual revenues with expected accretive earnings,
said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America,
Inc.
We are proud to be associated with Fenwick Automotive, a company that has been one of the
finest and most respected suppliers to the aftermarket industry for more than sixty years, Joffe
added.
He noted that the two organizations serve all of the major automotive aftermarket sales
channels.
We are pleased to be working with an organization with the market presence and reputation of
Motorcar Parts and look forward to working with the companys team, said Gordon Fenwick, chief
executive officer of Fenwick Automotive Products.
He noted that Motorcar Parts and Fenwick are both customer-centric organizations, ISO/TS16949
registered, and recognized for the highest level of quality and service.
About Fenwick Automotive Products Limited
Based in Toronto, Canada, Fenwick Automotive Products Limited is a manufacturer and
distributor of new and remanufactured aftermarket auto parts including steering components
(pumps, gears and racks), brake calipers, master cylinders, hub assembly and bearings, clutches and
-more-
Motorcar Parts of America, Inc.
2-2-2
2-2-2
clutch hydraulics, constant velocity drive shafts, water pumps, control arms and loaded struts for
the full range of passenger and truck vehicles in use in the markets it serves. Its products are
sold through all major distribution channels of the automotive aftermarket throughout the United
States, Canada and Mexico. The companys facilities are located in Pennsylvania, New Hampshire,
Toronto and Mexico. Additional information is available at www.fencoparts.com
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters for imported
and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold
to automotive retail outlets and the professional repair market throughout the United States and
Canada. The companys facilities are located in California, Tennessee, Mexico, Malaysia and
Singapore. Additional information is available at www.motorcarparts.com
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain
forward-looking statements. The statements contained in this press release that are not historical
facts are forward-looking statements based on the companys current expectations and beliefs
concerning future developments and their potential effects on the company. These forward-looking
statements involve significant risks and uncertainties (some of which are beyond the control of the
company) and are subject to change based upon various factors. Reference is also made to the Risk
Factors set forth in the companys Form 10-K Annual Report filed with the Securities and Exchange
Commission (SEC) in June 2010 and in its Form 10-Q filed with the SEC thereafter for additional
risks and uncertainties facing the company. The company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as the result of new information, future events
or otherwise.
# # #