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Automotive News
KLM Performance's Automotive News coverage is updated daily with news updates published as they are released to the media. These updates cover the latest developments in trucks, add-on components, racing, and the truck enthusiast lifestyle. Feel free to discuss any news releases in KLM's Discussion Forum.
Wednesday, July 25, 2007
Magna announces Board approval of previously announced arrangement involving Russian Machines
Magna announces Board approval of previously announced arrangement involving Russian Machines AURORA, ON, July 25 /PRNewswire-FirstCall/ -- Magna International Inc. (TSX: MG.A, MG.B; NYSE: MGA) today announced that its Board of Directors has approved a definitive Plan of Arrangement and related agreements with respect to the previously announced proposed strategic investment in Magna by Russian Machines, a wholly owned subsidiary of Basic Element Limited. Rationale
--------- The strategic investment is designed to accelerate Magna's strategic efforts to capitalize on significant growth opportunities in the growing Russian automotive market as well as other emerging markets. In targeting the Russian market, Magna believes that the best way to minimize risk and maximize return is by working together with an established industrial partner. It also believes that having Russian Machines and its controlling shareholder Basic Element as a strategic partner, with an aligned interest through a significant ownership stake in Magna, will assist Magna in carrying out its expansion strategy in Russia and other emerging markets. Basic Element is one of the largest, privately held industrial conglomerates in Russia and its subsidiary Russian Machines owns a majority interest in GAZ Group, which is Russia's second-largest automotive manufacturer. Magna believes that, if implemented, the proposed Arrangement will achieve a greater alignment of interests between the Stronach Trust, which currently controls Magna, Russian Machines and other Magna shareholders and will create "checks and balances" on the exercise of the Stronach Trust's controlling interest in Magna by virtue of Russian Machines' Board nomination rights and new corporate governance guidelines that will require certain major transactions to be approved by two-thirds of the Board members. Further, the proposed alliance is designed to preserve the fundamental business philosophies and operating principles that have been the cornerstone of Magna's success, including Magna's Corporate Constitution and its Employee Charter. Overview of Arrangement
----------------------- The terms of the Arrangement and related agreements are consistent in all material respects with those announced jointly by Magna and Basic Element on May 10, 2007 and will be described in detail in the management information circular/proxy statement (the "Circular") to be mailed on or about August 1, 2007 to Magna shareholders of record as of July 16, 2007 in respect of the special meeting of Magna shareholders currently scheduled to take place on August 28, 2007 (subject to court approval) to approve the Arrangement. The Circular will contain relevant information concerning the Arrangement, including a description of (i) the definitive transaction terms and conditions, (ii) the Board's recommendation to shareholders, the factors underlying the Board's recommendation and a description of the review conducted by the Special Committee of independent directors and its legal and financial advisors, (iii) the shareholder votes and court and regulatory approvals required to carry out the Arrangement, which votes will include a "majority of minority" of the votes cast by holders of Class A Subordinate Voting Shares, voting separately as a class, and (iv) the dissent rights available to "minority" Class B shareholders if the Arrangement includes the proposed buyback of the Class B Shares other than those currently controlled by the Stronach Trust. The remainder of this press release is qualified by the more detailed information appearing in the Circular and shareholders are urged to review the Circular carefully. Under the terms of the proposed Arrangement, Russian Machines would invest approximately US$1.54 billion to acquire indirectly 20 million Magna Class A Subordinate Voting Shares from treasury. A new Canadian holding company ("Newco") would hold the respective holdings in Magna of the Stronach Trust and Russian Machines, as well as a portion of the respective holdings in Magna of Donald Walker, Siegfried Wolf, Vincent Galifi, Jeffrey Palmer and Peter Koob (collectively, the "Principals"), all of whom are members of Magna's executive management. Subject to approval by a majority of the votes cast by "minority" Class B Shareholders, the proposed Arrangement would also involve the purchase by Magna for cancellation of all outstanding Class B Shares not held by the Stronach Trust for Cdn.$114.00 in cash per Class B Share (the "Class B Share Acquisition"). If the Arrangement includes the Class B Share Acquisition, the number of votes attached to the Class B Shares would be reduced from 500 votes to 300 votes per share (the "Class B Share Vote Reduction"). Upon the completion of the proposed Arrangement, Newco will hold indirectly 726,829 Class B Shares and 20,605,000 Class A Subordinate Voting Shares. Assuming approval of the Class B Share Acquisition, Newco will indirectly hold 100% of the outstanding Class B Shares and approximately 16% of the outstanding Class A Subordinate Voting Shares, collectively representing approximately 68.8% of the total voting power of all the outstanding shares of Magna. In connection with the Arrangement, the Stronach Trust and Russian Machines will enter into certain agreements governing their relationship as shareholders, including the voting of the Magna shares held indirectly by Newco and the terms upon which Russian Machines may elect to withdraw, or the Stronach Trust may cause Russian Machines to withdraw, its investment in Newco and terminate those governance arrangements. The Principals, the Stronach Trust and Stronach & Co., an associate of Magna's Chairman, Mr. Frank Stronach, have interests in the Arrangement that are different from other shareholders. Those interests were identified in Magna's press release dated May 10, 2007 and will also be disclosed in the Circular. Magna's Board approval today of the Arrangement and related agreements followed the report and favourable recommendation of its Special Committee of independent directors formed to review and consider the Arrangement and related transactions. In doing so, the Board determined that the Arrangement is in the best interests of Magna and its shareholders and authorized the submission of the Arrangement to holders of Magna's Class A Subordinate Voting Shares and Class B Shares for their approval as required under applicable law. CIBC World Markets Inc. ("CIBCWM"), the independent financial advisor to the Special Committee, concluded that, as of May 9, 2007 (the date the Board approved the previously announced Transaction Agreement with Russian Machines), the consideration of CDN$114.00 per Class B Share to be offered to each minority holder of Magna's Class B Shares under the Arrangement is fair, from a financial point of view, to the minority holders of Magna Class B Shares. A copy of the CIBCWM fairness opinion, the factors considered by the Special Committee and Magna's Board and other relevant background information will be included in the Circular. Subject to court approval, Magna expects to hold the Special Shareholders' Meeting on August 28, 2007 in Toronto and expects that the Arrangement, if approved, will become effective in September 2007, subject to receipt of necessary regulatory approvals. The Arrangement will require the approval of shareholders, including: - a majority of the votes cast by Magna Class A Subordinate Voting
Shareholders and Class B Shareholders (excluding certain "insiders"
as defined in the Toronto Stock Exchange Company Manual), voting
together as a single class; - a majority of the votes cast by the "minority" Class A Shareholders,
voting separately as a class; and - with respect only to the Class B Share Acquisition, a majority of the
votes cast by "minority" Class B Shareholders, voting separately as a
class. Magna and certain parties related to Magna, including its directors and senior officers, may not vote their Class A Subordinate Voting Shares or Class B Shares for the purposes of the "majority of the minority" approval requirements. If the Class B Share Acquisition is not approved by the "minority" Class B Shareholders, but the Arrangement is otherwise approved by the requisite votes of shareholders, then the Arrangement, excluding the Class B Share Acquisition and the Class B Share Vote Reduction, will proceed (subject to the satisfaction or waiver of all other conditions). The Arrangement requires court approval. Prior to the mailing of the Circular, Magna will obtain an interim court order, which will provide for the calling and holding of the Special Shareholders' Meeting, the grant of dissent rights to "minority" holders of Class B Shares in respect of the Class B Share Acquisition, and other procedural matters. If the Arrangement is approved by shareholders at the Special Shareholders' Meeting in the manner required by the interim order, a hearing in respect of a final order will take place to consider, among other things, the fairness of the Arrangement. Proposed Substantial Issuer Bid
------------------------------- On May 10, 2007, in connection with, and conditional upon completion of, the Arrangement, Magna announced its intention to make a substantial issuer bid to purchase up to 20 million of its outstanding Class A Subordinate Voting Shares. The issuer bid is expected to take the form of a modified "Dutch auction", whereby Magna will offer a range of prices within which it is willing to repurchase such Class A Subordinate Voting Shares. The issuer bid is expected to be an offer to purchase up to 20 million Class A Subordinate Voting Shares at an aggregate price of not more than $1,536,600,000. Pricing information and other material terms and conditions are expected to be determined by the Board and publicly announced prior to the Special Shareholders' Meeting. About Magna
----------- Magna is the most diversified automotive supplier in the world. Magna designs, develops and manufactures automotive systems, assemblies, modules and components, and engineers and assembles complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks in North America, Europe, Asia, South America and Africa. Magna's capabilities include the design, engineering, testing and manufacture of automotive interior systems; seating systems; closure systems; metal body and chassis systems; vision systems; electronic systems; exterior systems; powertrain systems; roof systems; as well as complete vehicle engineering and assembly. Magna has approximately 83,000 employees in 235 manufacturing operations and 62 product development and engineering centres in 23 countries. FORWARD LOOKING STATEMENTS
-------------------------- The previous discussion may contain statements that, to the extent that they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements may include financial and other projections, as well as statements regarding Magna's future plans, objectives or economic performance, or the assumptions underlying any of the foregoing. Magna uses words such as "may", "would", "could", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Magna in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with Magna's expectations and predictions is subject to a number of risks, assumptions and uncertainties. These risks, assumptions and uncertainties include, without limitation, that the benefits, growth prospects and strategic objectives expected to be realized from the investment by, and strategic alliance with, Russian Machines may not be fully realized, realized at all or may take longer to realize than expected; Magna will be governed by a board of directors to which the Stronach Trust and Russian Machines will each have the right to appoint an equal number of nominees, in addition to the current co-chief executive officers, with the result that Magna will be controlled indirectly by the Stronach Trust and Russian Machines; Magna's Russian strategy involves making investments and carrying on business and operations in Russia, which will expose it to the political, economic and regulatory risks and uncertainties of that country; the possibility that Russian Machines may exercise its right to withdraw its investment in Newco and exit from the governance arrangements in connection with the Arrangement at any time after two years; the possibility that the Stronach Trust may exercise its right to require Russian Machines to withdraw its investment in Newco and exit from such arrangements at any time after three years; the possibility that Russian Machines' lender may require Russian Machines to withdraw its investment in Newco and exit from such arrangements at any time if such lender is entitled to realize on its loan to Russian Machines; the conditions precedent to completion of the Arrangement may not be satisfied or, if satisfied, the timing of such satisfaction may be delayed; the occurrence of any event, change or other circumstances that could give rise to the termination of the Transaction Agreement, the delay of the completion of the Arrangement or failure to complete the Arrangement for any other reason. In addition to the risks, assumptions and uncertainties related to the transaction, there are additional risks and uncertainties relating generally to Magna and its business and affairs, including the impact of: declining production volumes and changes in consumer demand for vehicles; a reduction in the production volumes of certain vehicles, such as certain light trucks; the termination or non-renewal by Magna's customers of any material contracts; Magna's ability to offset increases in the cost of commodities, such as steel and resins, as well as energy prices; fluctuations in relative currency values; Magna's ability to offset price concessions demanded by Magna's customers; Magna's dependence on outsourcing by its customers; Magna's ability to compete with suppliers with operations in low cost countries; changes in Magna's mix of earnings between jurisdictions with lower tax rates and those with higher tax rates, as well as Magna's ability to fully benefit from tax losses; other potential tax exposures; the financial distress of some of Magna's suppliers and customers; the inability of Magna's customers to meet their financial obligations to Magna; Magna's ability to fully recover pre-production expenses; warranty and recall costs; product liability claims in excess of Magna's insurance coverage; expenses related to the restructuring and rationalization of some of Magna's operations; impairment charges; Magna's ability to successfully identify, complete and integrate acquisitions; risks associated with new program launches; legal claims against Magna; risks of conducting business in foreign countries; labour union activities at Magna's facilities; work stoppages and labour relations disputes; changes in laws and governmental regulations; costs associated with compliance with environmental laws and regulations; potential conflicts of interest involving Magna's controlling shareholder, the Stronach Trust; and other factors set out in Magna's Annual Information Form filed with securities regulatory authorities in the provinces and territories of Canada and its annual report on Form 40-F filed with the United States Securities and Exchange Commission, and subsequent filings. In evaluating forward-looking statements, readers should specifically consider the various factors which could cause actual events or results to differ materially from those indicated by such forward-looking statements. Unless otherwise required by applicable securities laws, Magna does not intend, nor does it undertake any obligation, to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise. ABOUT ANY TENDER OFFER FOR CLASS A SUBORDINATE VOTING SHARES
------------------------------------------------------------ In connection with the proposed substantial issuer bid referred to above (which bid is called an issuer tender offer in the United States), shareholders are strongly encouraged to carefully read all offer documents if and when these become available because they would contain important information about the offer. The Magna Board of Directors has not yet approved the terms of any tender offer. This Press Release is for informational purposes only, and is not an offer to buy or the solicitation of an offer to sell any shares of Magna's Class A Subordinate Voting Shares. Solicitation of offers to purchase Magna's Class A Subordinate Voting Shares would only be made pursuant to offer documents that Magna would distribute to its shareholders after filing such offer documents with the applicable securities regulatory authorities. Any tender offer documents required to be filed in the United States, including Schedule TO and related exhibits, along with all other documents that Magna would be required to file with the Securities and Exchange Commission, would be available without charge at the Securities and Exchange Commission web site at www.sec.gov and by calling J. Brian Colburn, Magna's Executive Vice-President and Secretary, at 905-726-2462. In addition, such documents would be delivered without charge to all holders of Class A Subordinate Voting Shares.
Source: Magna International Inc.
CONTACT: Vincent Galifi at (905) 726-7100
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Profile: automotive-news
posted by automotive-news # 7:51 PM
All Sections » Formula One » No USGP at Indy in 2008
Home of Sport - CEO Bernie Ecclestone mutually agreed to not schedule Formula One racing in 2008 at Indianapolis. "After several discussions, Bernie Ecclestone and I were unable to agree how to keep Formula One in Indianapolis for the near term," George said [continued ]Formula 1 - I am convinced that the route we have chosen is the right one." BMW Sauber are widely expected to confirm Robert Kubica for 2008 this weekend. It seems inconceivable that Heidfeld won’t be his partner again in one of Formula One racing’s most [continued ]BusinessWeek - Earlier this year, Vodafone also launched the McLaren Mercedes GX29, a square, metallic phone for fans of the Formula One racing team co-sponsored by Mercedes-Benz. But Porsche's phone, the P'9521, may be the first such handset not intended as a one [continued ]Environmental News Network - NUERBURGRING, Germany -- Talking about climate change at a Formula One race might at first glance seem like praising celibacy in a brothel. The world's top motor sport competition is for many the epitome of gas-guzzling wastefulness with powerful [continued ]PRWeb - You do not need any permission to link to any of the pages on this site. Limited copyright is granted for you to use and/or republish any of the press releases on this site for any legitimate media purpose as long as you reference PRWeb as the source [continued ]Formula 1 - The news that Spyker reserve driver Markus Winkelhock will occupy the team’s vacant race seat at the European Grand Prix this weekend heralds the return of one of Germany’s most famous racing names to Formula One racing. Following in the [continued ]CNET News - The Formula One racing team Lenovo co-sponsors with AT&T is using the T61p as part of the company's campaign to demonstrate the T61p's engineering computing power and robustness. While Lenovo has been rolling out these features individually on its [continued ]Faces - Admittedly the glitz and glamour associated with the tiny principality are still hard to ignore, but Monaco does have a lot more to offer than just gambling and Formula One racing. The Place du Palais, Monaco''s cultural heart, leads onto the [continued ]Indianapolis Recorder - The first Black driver to compete in Formula One racing, many believe that Hamilton will do for racing what Tiger Woods did for golfing Ð attract African-Americans. Hamilton on the other hand just wants to create his own lane using his own name. [continued ]
posted by automotive-news # 6:15 PM
Smart Energy Signs Distribution Agreement With CLP System AB, Sweden - to Expand International Presence
Smart Energy Signs Distribution Agreement With CLP System AB, Sweden - to Expand International Presence POMPTON PLAINS, N.J., July 25 /PRNewswire-FirstCall/ -- Smart Energy Solutions, inventor and manufacturer of the innovative Battery Brain(TM) vehicle aftermarket device, today announced that the Company has signed a product distribution agreement with CLP System AB. CLP System, headquartered in Stockholm, Sweden, is a leading producer and marketer of machines, spare parts, equipments and services within the branches of safety, security and maintenance. An initial order of the Battery Brain device has been shipped to provide CLP System an opportunity to supply their sales force and test the markets with Battery Brain. CLP Group's dominant position in the market helps them maintain a national and international distribution network. "We have searched for a high quality product like Battery Brain for some time in order to complete our assortment of Battery and Battery maintenance with a much needed security device like Battery Brain. We are sure that our customers will appreciate the product and its services since it will not only protect them from being stranded without battery power, it will also prevent theft of their vehicles and boats! The cooperation with Smart Energy Solutions will be interesting and of benefit for us!" stated Tomas Jagerman, Managing Director, CLP. "CLP System will proactively position Battery Brain to key markets and businesses providing solutions to dead battery issues. We look forward to increasing our market penetration rate in the Scandinavian marketplace for Battery Brain through this relationship. In Sweden alone, there are more than 4.2 million passenger cars and over 475,000 commercial vehicles on the road. It's a tremendous opportunity for Battery Brain," said Andy Knowles, Vice President of Sales and Marketing. "We are excited to be forging this relationship with CLP System. They are a well-respected market leader in parts and equipment distribution, with a focus on products and services that are beneficial and unique in their fields, and Battery Brain is a perfect fit." Battery Brain(TM) is Smart Energy's flagship device that constantly monitors electrical discharge of the battery for nearly all kinds of vehicles including autos, SUVs/trucks, medium and heavy duty trucks, military, buses, RV's, boats, commercial vehicles and personal watercraft. Should Battery Brain detect that the battery is losing sufficient charge to start the vehicle's engine; the device automatically disconnects the battery to preserve its starting power. In addition, Battery Brain offers a built in anti-theft feature. About Smart Energy Solutions Smart Energy Solutions, Inc. (OTC Bulletin Board: SMGY; Berlin: UBM.BE; Frankfurt: UBM.F) is the sole owner of the Battery Brain line of vehicle accessory products. The company is headquartered in Pompton Plains, N.J., with operations in Zhuhai, China, Milan, Italy, Petach Tikva, Israel, and Clifton, NJ. Visit www.smgy.net. About CLP System AB CLP System AB is the mother company consisting of several subsidiary companies that produce and sell machines, spare parts, equipment and services within the branches Safety, Security, and Maintenance. Their main customers are military forces, police authorities, security services and industrial firms. Their product assortment includes everything from weapon maintenance, batteries, and electronic technology to anti-mine protection of vehicles as well as explosion and fire protection, metal detectors and much more. Visit www.clp.se
First Call Analyst:
FCMN Contact:
Source: Smart Energy Solutions
CONTACT: Press, Bruce G. MacDonald, Liebler!MacDonald +1-248-233-8062,
bmacd@liemac.com; or Investors, Ed Braniff, CFO, Smart Energy Solutions, Inc.,
+1-973-340-6000, ebraniff@optonline.net Web site: http://www.clp.se/
http://www.smgy.net/
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Profile: automotive-news
posted by automotive-news # 5:59 PM
Noble to Host Second Quarter 2007 Earnings Conference Call
Noble to Host Second Quarter 2007 Earnings Conference Call WARREN, Mich., July 25 /PRNewswire-FirstCall/ -- Noble International, Ltd. (NASDAQ:NOBL) ("Noble" or the "Company") plans to release its operating results for the quarter ended June 30, 2007, before the opening of the stock market on Thursday, August 2, 2007. Noble plans to host a conference call to discuss its operating results that day at 10 AM ET. The dial-in numbers for the call are 888-694-4676 or 973-582-2737. Details regarding the conference call will be included in the Second Quarter 2007 Earnings press release and can be found on the Company's website http://www.nobleintl.com/. SAFE HARBOR STATEMENT Certain statements made by Noble International, Ltd. in this and other periodic oral and written statements and presentations, including filings with the Securities and Exchange Commission, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, as well as statements which address operating performance, events or developments that we believe or expect to occur in the future, including those that discuss strategies, goals, outlook or other non-historical matters, or which relate to future sales or earnings expectations, cost savings, awarded sales, volume growth, earnings or a general belief in our expectations of future operating results, are forward- looking statements. The forward-looking statements are made on the basis of management's assumptions and estimations. As a result, there can be no guarantee or assurance that these assumptions and expectations will in fact occur. The forward-looking statements are subject to risks and uncertainties that may cause actual results to materially differ from those contained in the statements. Some, but not all of the risks, include our ability to obtain future sales; our ability to successfully integrate acquisitions; changes in worldwide economic and political conditions, including adverse effects from terrorism or related hostilities including increased costs, reduced production or other factors; costs related to legal and administrative matters; our ability to realize cost savings expected to offset price concessions; inefficiencies related to production and product launches that are greater than anticipated; changes in technology and technological risks; increased fuel costs; work stoppages and strikes at our facilities and that of our customers; the presence of downturns in customer markets where the Company's goods and services are sold; financial and business downturns of our customers or vendors; and other factors, uncertainties, challenges, and risks detailed in Noble's public filings with the Securities and Exchange Commission. Noble does not intend or undertake any obligation to update any forward-looking statements. First Call Analyst:
FCMN Contact: gsalchow@nobleintl.com
Source: Noble International, Ltd.
CONTACT: Greg Salchow of Noble International, Ltd., +1-586-751-5600 Web site: http://www.nobleintl.com/
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Profile: automotive-news
posted by automotive-news # 5:44 PM
LoJack Corp. Receives Unfavorable Ruling From Massachusetts Appeals Court
LoJack Corp. Receives Unfavorable Ruling From Massachusetts Appeals Court WESTWOOD, Mass., July 25 /PRNewswire-FirstCall/ -- LoJack Corporation (NASDAQ:LOJN), the leading provider of recovery systems for stolen mobile assets, today announced that the Massachusetts Appeals Court ordered that the judgment in favor of LoJack in its breach of contract suit against Clare, Inc., a subsidiary of IXYS Corp. (NASDAQ:IXYS), be vacated and that a new judgment be entered in LoJack's favor in the amount of $805,000 plus statutory interest from April 12, 2003, the initial filing date of the action, for a total of approximately $1.2 million. LoJack believes that the Appeals Court's decision and analysis resulting in the reduction of the $6 million award, inclusive of statutory interest, from which the appeal was taken by both parties is flawed in several respects. LoJack will seek discretionary appellate review from the Massachusetts Supreme Judicial Court. About LoJack Corporation LoJack Corporation, the company that invented the stolen vehicle recovery market two decades ago, is the global leader in tracking and recovering valuable mobile assets. The company's time-tested system is optimized for recovering stolen mobile assets through its proven Radio Frequency technology and unique integration with law enforcement agencies in the United States that use LoJack's in-vehicle tracking equipment to recover cars, trucks, commercial vehicles, construction equipment and motorcycles. The company's Stolen Vehicle Recovery System delivers a better than 90 percent success rate and has helped recover more than $4 billion in stolen LoJack-equipped assets worldwide. Today LoJack operates in 26 states and the District of Columbia, and in 29 countries throughout North America, South America, Europe, Africa and Asia. Contact: Paul McMahon
(781) 251-4130 John Swanson
Swanson Communications, Inc.
(516) 671-8582
First Call Analyst:
FCMN Contact: pmcmahon@lojack.com
Source: LoJack Corp.
CONTACT: Paul McMahon of LoJack Corp., +1-781-251-4130, or John Swanson
of Swanson Communications, Inc., +1-516-671-8582 Web site: http://www.lojack.com/
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Profile: automotive-news
posted by automotive-news # 5:17 PM
Fire Chiefs' Association Asks Governor to Call Special Session to Address No-Fault Motor Vehicle Insurance
Fire Chiefs' Association Asks Governor to Call Special Session to Address No-Fault Motor Vehicle Insurance FORT MYERS, Fla., July 25 /PRNewswire/ -- The Florida Fire Chiefs' Association at their annual meeting today passed a resolution urging Governor Crist to call a special session to address no-fault auto insurance, including mandatory Personal Injury Protection (PIP). No-fault is scheduled to sunset October 1 without legislative action. Crist has said that he believes PIP is an important medical coverage for motorists, and that he is likely to call a special session of the Florida Legislature to deal with the issue. In its resolution the group, comprising more than 2,370 fire chiefs and executive fire officers throughout the state, thanked the Governor for his efforts to protect Florida drivers and their passengers and expressed concern that fire and EMS departments could lose millions of dollars in emergency transport reimbursements if PIP is allowed to die. The fire chiefs also said they fear that first responders will be required to spend more time testifying in court, instead of on the job, as lawyers try to determine who is at fault in cases where emergency services were provided. The loss of PIP is expected to generate a new wave of costly and time- consuming litigation because fault will have to be established in every accident before payments can be made for medical treatment. The association estimates that public sector firefighters and EMS personnel provide 80 percent of all emergency medical services in Florida and transport most of the auto crash victims to emergency rooms and trauma centers. In addition to asking the governor to take up the issue in a special session, the fire chiefs are encouraging lawmakers to: Extend PIP for now so that it does not expire without alternative medical coverage or; Replace PIP with alternative mandatory coverage that includes EMS transport services for drivers and passengers "It is our view that the loss of PIP will hurt all Floridians - not just accident victims - through increased health and auto insurance costs and a loss of access to healthcare services for those least able to pay, " said Rick Talbert, FFCA President. The resolution noted that one in four Floridians under the age of 65 have no health insurance coverage, and that PIP is the only source of medical coverage available to pay for transporting crash victims to hospitals. The resolution also noted that 40 percent of auto accident victims treated in hospital emergency rooms and trauma centers have no health insurance to pay for their treatment other than PIP and that a majority of these patients are being transported by public sector EMS providers. The fire chiefs also made it clear that Florida's healthcare delivery system, both pre-hospital and hospital will be hurt by the loss of PIP and that all Floridians, not just accident victims, will suffer because: Medical costs now covered by PIP will be transferred to health insurers and HMOs, increasing the cost of employer-sponsored insurance and making it more costly for employers to offer health insurance to employees; Citizens ultimately will see no real savings in their motor vehicle insurance premiums if PIP is eliminated. Instead, drivers will be forced to pay for Bodily Injury Liability and Uninsured Motorist coverage. Note: A copy of the resolution is attached. The Florida Fire Chief's Association is the state's leading management education organization for fire and emergency services professionals. Its members specialize in promoting and supporting excellence in fire and emergency services management. The association has 11 sections providing educational resources for fire service leaders. RESOLUTION IN SUPPORT OF PERSONAL INJURY PROTECTION INSURANCE WHEREAS, the Florida Fire Chiefs' Association membership met at their annual meeting in Ft. Myers, Florida on Wednesday, July 25, 2007 to discuss matters of importance to the citizens of Florida and the fire service executive leadership and expressed their concerns over the October 1, 2007 sunset of Florida's no-fault motor vehicle insurance law, including mandatory Personal Injury Protection (PIP) for motorists; WHEREAS, since 1958, the Florida Fire Chiefs' Association has prided itself on supporting measures that protect the life and safety of the citizens of Florida and now raise their concern over the potential sunset of the 36- year-old PIP program which has provided accident victims with access to crucial healthcare services and timely insurance coverage for injuries; WHEREAS, the public sector fire/EMS departments provide 80% of the EMS services in our state and transport the vast majority of the motor vehicle crash victims and trauma patients in Florida; WHEREAS, Florida's fire/EMS departments could lose millions of dollars in transport reimbursements if PIP is allowed to sunset and the four million Floridians who have no other motor vehicle insurance coverage besides PIP will potentially add further stress to local governments if they are unable to recover transport fees because these drivers no longer carry any coverage; WHEREAS, in a state where one in four Floridians under 65 have no health coverage, PIP is the only source of medical coverage available to pay for transporting motor vehicle accident victims to area hospitals for life-saving healthcare services; WHEREAS, 40 percent of all patients treated for motor vehicle accidents in Florida's hospital emergency rooms and trauma centers have no health insurance coverage to pay for treatments other than PIP, and may face personal financial disaster without it and similarly, the majority of these patients are being transported by public sector EMS providers; WHEREAS, without PIP, first responders may find themselves caught up in providing testimony in legal proceedings seeking to determine fault in cases where fire/EMS services were provided, thus taking life-saving personnel out of their field of service where they are needed most to meet the safety and security needs of their community; WHEREAS, Florida's healthcare delivery system, both pre-hospital and hospital will be hurt by the loss of PIP and thus so will all Floridians -- not just accident victims -- because: -- Medical costs now covered by PIP will be transferred to health insurers
and HMOs, increasing the cost of employer-sponsored insurance and
making it more costly for employers to offer health insurance to their
employees; -- Fault must be determined in virtually every case and therefore accident
victims would have to await results of time-consuming, expensive
litigation before receiving compensation to pay for medical services or
property damage repairs; and -- Citizens will ultimately see no real savings in their motor vehicle
insurance premiums by eliminating PIP as drivers will have to pay more
for Bodily Injury Liability (BI) and Uninsured Motorist (UM) coverage. THEREFORE, BE IT RESOLVED that the membership of the Florida Fire Chiefs' Association extends its heartfelt appreciation for the comments in support of a special session on PIP by Governor Charlie Crist. The membership respectfully requests the Governor to address the sunset of PIP by: 1. Calling the Florida legislature back into a special session to address
no-fault motor vehicle insurance/PIP before its scheduled sunset; 2. Encouraging the Legislature to either Extend PIP for now so that it
doesn't expire without alternative coverage in place; 3. Replace PIP with alternative mandatory medical coverage that includes
fire/EMS response and/or transport services for drivers and passengers. The Florida Fire Chief's Association is Florida's leading management education organization for fire and emergency services professionals and the professional association that specializes in promoting and supporting excellence in fire and emergency services management. As a collective body of executive leaders within the fire service and as a representatives of over 2,370 members throughout Florida, we stand ready to support Governor Crist in his efforts to protect the health and welfare of all Floridians by leading the effort to save PIP coverage. Approved July 25, 2007
Ft. Myers, Florida Rick Talbert, FFCA President
Fire Chief
South Walton Fire District
July 25, 2007
The Honorable Charlie Crist
The Capitol
Tallahassee, Florida Dear Governor Crist, Please accept this resolution of the Florida Fire Chiefs' Association as a
show of support and appreciation for your efforts to protect the health
and welfare of Floridians and to convene a special session to save No-
Fault Motor Vehicle Insurance, including PIP, before its scheduled sunset
on October 1. This resolution was unanimously approved July 25 in Fort
Myers at our organization's annual meeting. Our association comprises 2,370 fire and emergency medical services
executives from throughout the state who firmly believe that it is of
vital importance to the health and welfare of all Floridians -- not just
those involved in auto accidents -- that PIP either be extended and
further studied, or replaced by alternative mandatory medical coverage
that includes EMS transport services for injured drivers and passengers. It is our view that the loss of PIP will hurt all Floridians -- not just
accident victims -- through increased health and auto insurance costs and
a loss of access to healthcare services for those least able to pay. Under
your leadership, we believe this issue can be resolved to the benefit of
all of Florida's citizens. Yours in Fire Service Richard G. Talbert, President
Fire Chief
South Walton Fire District Source: The Florida Fire Chief's Association
CONTACT: Rick Talbert, FFCA President, +1-386-676-2744
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Profile: automotive-news
posted by automotive-news # 4:53 PM
BorgWarner Board Approves $120 Million in New Growth Investments for Technical Center in China, Operations in Mexico and Poland
BorgWarner Board Approves $120 Million in New Growth Investments for Technical Center in China, Operations in Mexico and Poland AUBURN HILLS, Mich., July 25 /PRNewswire-FirstCall/ -- The Board of Directors of BorgWarner Inc. today approved $120 million in key investments for the continued growth of the powertrain technology supplier. These investments include a new Technical Center in China, a new production campus for the Drivetrain Group in Mexico and a production facility for turbochargers to be located in Poland. The spending for these projects will occur over the next four years. "This is an exciting time for BorgWarner as our growth around the world is propelled by the need for vehicle fuel efficiency and improved air quality," said Tim Manganello, BorgWarner Chairman and CEO. "These growth projects are evidence of the momentum we are gaining as our innovative engine and drivetrain technologies like turbochargers and dual-clutch transmission modules lead the market in delivering benefits for drivers and the environment." China Technical Center: The China Technical Center will support BorgWarner's accelerating growth in Asia. All of BorgWarner's products are expected to experience rapid growth as Chinese automakers vie for market share and global acceptance. The proposed four-story, 286,000 square foot (26,000 square meters) China facility will be part of BorgWarner's network of global technical centers. The center will house engine and drivetrain product research and development, application engineering and administration. Product development will support the needs of Chinese vehicle makers as well as support other global and regional customers. The company expects to invest $35 million in the project which is anticipated to house over 300 people by 2012. Drivetrain Campus in Mexico: The new Drivetrain Campus in Mexico will support the company's first North American program for dual-clutch transmission modules as well as other transmission and all-wheel drive business. The plant is expected to produce some 680,000 dual-clutch transmission modules annually at full production volumes. The introduction of dual-clutch transmission technology by a North American automaker is an important milestone in BorgWarner's globalization of this fuel-efficient, fun-to-drive technology. BorgWarner established its industry-leading position in Europe in 2003 with dual-clutch programs for VW/Audi, and in 2006 was awarded the first dual-clutch program in China with SAIC. The BorgWarner Drivetrain Group is expected to build the 260,000 square foot (24,000 square meter) facility in Saltillo, Mexico with an initial investment of $67 million. The plant is expected to employ several hundred people at full ramp-up. Turbocharger Operation in Poland: The demand for fuel-efficient, turbocharged engines, both diesel and gasoline, is driving the growth of BorgWarner's turbocharger business around the world. Additional capacity is needed to keep pace with the continued growth in demand for these engine technologies in Europe. Turbocharged diesel engine production is expected to grow almost 20% in Europe from about 7.6 million units today to 9.1 million units in 2011. Over the same period, the European turbocharged gasoline engine market is anticipated to double from about 0.9 million units to 2 million units. The $18 million facility in Rzeszow, Poland is expected to have capacity to make 500,000 turbochargers per year. Auburn Hills, Michigan-based BorgWarner Inc. (NYSE:BWA) is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The FORTUNE 500 company operates manufacturing and technical facilities in 64 locations in 17 countries. Customers include VW/Audi, DaimlerChrysler, Ford, General Motors, Toyota, Renault/Nissan, Hyundai/Kia, Honda, BMW, Caterpillar, Navistar International, and Peugeot. The Internet address for BorgWarner is: http://www.borgwarner.com/. Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign automotive production, the continued use of outside suppliers by original equipment manufacturers, fluctuations in demand for vehicles containing the Company's products, general economic conditions, as well as other filed annual report on Form 10-K. The Company does not undertake any obligation to update any forward-looking statement. First Call Analyst:
FCMN Contact:
Source: BorgWarner Inc.
CONTACT: Mary Brevard, BorgWarner Inc., +1-248-754-0881 Web site: http://www.borgwarner.com/
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Profile: automotive-news
posted by automotive-news # 4:15 PM
U.S. Auto Parts Network, Inc. to Present at the RBC Capital Markets North American Technology Conference
U.S. Auto Parts Network, Inc. to Present at the RBC Capital Markets North American Technology Conference CARSON, Calif., July 25 /PRNewswire-FirstCall/ -- . U.S. Auto Parts Network, Inc. (NASDAQ:PRTS), announced today that Robert J. Majteles, the Company's Chairman of the Board, and Michael McClane, the Company's Chief Financial Officer, will present at the RBC Capital Markets North American Technology Conference to be held on August 7 through August 9, 2007, at the Four Seasons Hotel in San Francisco, California. U.S. Auto Parts' investor presentation is scheduled for Wednesday, August 8, 2007 at 11:00 a.m. PT. The presentation will be webcast live and archived online on the Investor Relations section of the Company's website at http://www.usautoparts.net/. About U.S. Auto Parts Network, Inc. Established in 1995, U.S. Auto Parts is a leading online provider of aftermarket auto parts, including body parts, engine parts, performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites are located at http://www.partstrain.com/ and http://www.autopartswarehouse.com/ and the Company's corporate website is located at http://www.usautoparts.net/. Investor Contacts:
Michael McClane, Chief Financial Officer
U.S. Auto Parts Network, Inc.
michael@usautoparts.com
(310) 735-0085 Anne Rakunas / Laura Foster
ICR, Inc.
(310) 954-1100
anne.rakunas@icrinc.comlaura.foster@icrinc.com Media Contacts:
Stephanie Sampiere / Matt Lindberg
ICR, Inc.
(203) 682-8200
stephanie.sampiere@icrinc.commatthew.lindberg@icrinc.com First Call Analyst:
FCMN Contact:
Source: U.S. Auto Parts Network, Inc.
CONTACT: Investors, Michael McClane, Chief Financial Officer of U.S.
Auto Parts Network, Inc., +1-310-735-0085, michael@usautoparts.com; or Anne
Rakunas, anne.rakunas@icrinc.com, or Laura Foster, laura.foster@icrinc.com,
both of ICR, Inc., +1-310-954-1100, for U.S. Auto Parts Network, Inc., or
Media, Stephanie Sampiere, stephanie.sampiere@icrinc.com, or Matt Lindberg,
matthew.lindberg@icrinc.com, both of ICR, Inc., +1-203-682-8200, for U.S. Auto
Parts Network, Inc. Web site: http://www.usautoparts.net/
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Profile: automotive-news
posted by automotive-news # 4:09 PM
Dover Motorsports, Inc. Declares Regular Quarterly Dividend
Dover Motorsports, Inc. Declares Regular Quarterly Dividend DOVER, Del., July 25 /PRNewswire-FirstCall/ -- Dover Motorsports, Inc. (NYSE:DVD) Board of Directors today declared a quarterly cash dividend on both classes of common stock of $.015 per share. The dividend will be payable on September 10, 2007 to shareholders of record at the close of business on August 10, 2007. Dover Motorsports, Inc. is a leading promoter of motorsports events in the United States. Its motorsports subsidiaries operate four motorsports tracks in three states and promote motorsports events under the auspices of three of the premier sanctioning bodies in motorsports -- NASCAR, IRL, and NHRA. The Company owns and operates Dover International Speedway in Dover, Delaware; Gateway International Raceway near St. Louis, Missouri; Memphis Motorsports Park in Memphis, Tennessee; and Nashville Superspeedway near Nashville, Tennessee. For further information log on to http://www.dovermotorsports.com/.
First Call Analyst:
FCMN Contact: rjaksch@dovermotorsports.com
Source: Dover Motorsports, Inc.
CONTACT: Patrick J. Bagley, Sr. Vice President-Finance, Dover
Motorsports, Inc., +1-302-883-6530 Web site: http://www.dovermotorsports.com/
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Profile: automotive-news
posted by automotive-news # 3:29 PM
Save The World Air, Inc. Names Former SEMA Head Chuck Blum as New President/CEO
Save The World Air, Inc. Names Former SEMA Head Chuck Blum as New President/CEO LOS ANGELES, July 25 /PRNewswire-FirstCall/ -- Save The World Air, Inc. (Pink Sheets: ZERO) today announced that Charles (Chuck) Blum, former head of the Specialty Equipment Market Association (SEMA), has assumed the positions of President and Chief Executive Officer of the company, effective today. Mr. Blum served as President and Chief Executive Officer of SEMA from July 1980 to July 2002. During Mr. Blum's tenure, SEMA grew from 500 members to 6,500 members, and produces the largest automotive after-market industry trade show in the United States, attended by 130,000 trade visitors annually. Since retiring from SEMA, Mr. Blum has served as a consultant to various businesses. Chairman of the Board Joseph Helleis commented, "Chuck was the clear-cut choice of our Board to move forward. He brings to our company a depth of knowledge of the automotive specialty parts industry that is almost unmatched, to which his more than 20 years as head of SEMA attests." Commenting on his appointment, Mr. Blum said, "I look forward to the challenges and opportunities that lay ahead. We must get the word out effectively about our unique technologies, sell our products, and at the same time continue to fund the company adequately in order to meet our obligations. All of this will not happen overnight, so I ask for patience from our loyal stockholders and others. I look forward to working with a dedicated team to get this company back on track." About Save the World Air, Inc. Save the World Air, Inc. is currently engaged in the product development, initial sales and marketing of products using proprietary technologies that can be installed on motor vehicles, motorcycles and stationary engines to reduce harmful emissions caused by internal combustion engines, as well as improve fuel efficiency and/or improve performance. The company's ECOChargR(TM) and MAGChargR(TM) devices using these patented and patent-pending technologies have been shown to reduce harmful emissions including Green House Gas (GHG) emissions normally caused by catalytic equipment while still improving fuel efficiency and/or enhance overall engine performance. The company's patent-pending CAT-MATE(R) devices have been shown to reduce harmful emissions in repeated independent laboratory testing. For more information, visit the company's website at http://www.stwa.com/. Safe Harbor Statement Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, such factors as market acceptance, ability to attract and retain customers, success of marketing and sales efforts, product performance, competitive products and pricing, growth in targeted markets, risks of foreign operations, and other information detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. Contact:
Charles Blum
President and CEO
Save the World Air, Inc.
(818) 487-8000
First Call Analyst:
FCMN Contact: debbieg@militaryconnection.net
Source: Save The World Air, Inc.
CONTACT: Charles Blum, President and CEO of Save the World Air, Inc.,
+1-818-487-8000 Web site: http://www.stwa.com/
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Profile: automotive-news
posted by automotive-news # 1:24 PM
LoJack Corp. Announces Second Quarter, 2007 Results Webcast
LoJack Corp. Announces Second Quarter, 2007 Results Webcast WESTWOOD, Mass., July 25 /PRNewswire-FirstCall/ -- LoJack Corporation (NASDAQ:LOJN) announces the following Webcast: What: LoJack Corp reports second quarter, 2007 results When: August 1 -- 09:00AM EDT Where: http://www.videonewswire.com/event.asp?id=41347 How: Live over the Internet -- Simply log on to the web at the
address above. You may also participate in the live conference call by dialing, +1-800-896-8445. Use the password lojack2 for access to the call. Contact: Paul McMahon of LoJack, +1-781-251-4130, pmcmahon@lojack.com If you are unable to participate during the live webcast, the call will be archived at http://www.lojack.com . About LoJack Corporation LoJack Corporation, the premier worldwide marketer of wireless recovery systems for valuable mobile assets, is the undisputed leader in global stolen vehicle recovery. Its Stolen Vehicle Recovery System delivers a better than 90% success rate and has helped recover more than $4 billion in global assets. The system is uniquely integrated into law enforcement agencies in the United States that use LoJack's in-vehicle tracking equipment to recover stolen assets, including cars, trucks, commercial vehicles, construction equipment and motorcycles. Today LoJack operates in 26 states and the District of Columbia, representing areas of the country with the greatest population density, and highest number of new vehicle sales and incidence of vehicle theft. In addition, LoJack technology is utilized by law enforcement and security organizations in more than 29 countries throughout Europe, Africa, Latin America and Asia. Audio: http://www.videonewswire.com/event.asp?id=41347
Source: LoJack Corporation
CONTACT: Paul McMahon of LoJack, +1-781-251-4130, pmcmahon@lojack.com Web site: http://www.lojack.com/
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Profile: automotive-news
ArvinMeritor to Close Assembly Operation in St. Thomas, Ontario, Canada
ArvinMeritor to Close Assembly Operation in St. Thomas, Ontario, Canada Closure is Part of Restructuring Initiative Announced in Company's Second Fiscal Quarter TROY, Mich., July 25 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. (NYSE:ARM) today announced it would close its Commercial Vehicle Systems (CVS) assembly operation in St. Thomas, Ontario, Canada by Nov. 23, 2007. The closure is part of previously announced restructuring actions in North America and Europe which the company expects to affect 13 plants and 2,800 employees, resulting in an estimated annual run rate savings of $130-$140 million by 2012. The facility in St. Thomas employs 17 people, and serves as an assembly site of the company's drivelines. Operations based in St. Thomas will be transferred to ArvinMeritor's facility in Laurinburg, N.C. Employees were advised of the closure today during a meeting at the facility. ArvinMeritor will offer outplacement support and severance and benefits packages to affected employees. "Actions like these are never easy, but are necessary because of the highly competitive nature of the motor vehicle industry," said Wayne Watson, general manager, Operations, North America. "The company must have a global manufacturing footprint that optimizes capacity, reduces costs, and creates the greatest level of customer service." Brad Ducharme, site manager at the St. Thomas facility said, "The closure of St. Thomas is in no way a reflection of our fine workforce. Our employees are talented and highly skilled individuals who have worked hard to support our customers." About ArvinMeritor ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets. Headquartered in Troy, Mich., ArvinMeritor employs approximately 19,000 people in 24 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, visit the company's Web site at: http://www.arvinmeritor.com/. Forward-Looking Statements This press release contains statements relating to future results of the company (including certain projections and business trends) that are "forward- looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. 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 cycles and conditions; the demand for commercial, specialty and light vehicles for which the company supplies products; risks inherent in operating abroad (including foreign currency exchange rates and potential disruption of production and supply due to terrorist attacks or acts of aggression); availability and cost of raw materials, including steel; OEM program delays; demand for and market acceptance of new and existing products; successful development of new products; reliance on major OEM customers; labor relations of the company, its suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of the company's suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential difficulties competing with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; successful integration of acquired or merged businesses; the ability to achieve the expected annual savings and synergies from past and future business combinations and the ability to achieve the expected benefits of restructuring actions; success and timing of potential divestitures; impairment of long-lived assets, including goodwill; competitive product and pricing pressures; the amount of the company's debt; the ability of the company to continue to comply with covenants in its financing agreements; the ability of the company to access capital markets; credit ratings of the company's debt; the outcome of existing and any future legal proceedings, including any litigation with respect to environmental or asbestos-related matters; rising costs of pension and other post-retirement benefits and possible changes in pension and other accounting rules; as well as other risks and uncertainties, including but not limited to those detailed from time to time in filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. (Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO ) First Call Analyst:
FCMN Contact: krista.mcclure@arvinmeritor.com Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: ArvinMeritor, Inc.
CONTACT: Media Inquiries, Krista McClure, +1-248-435-7115,
krista.mcclure@arvinmeritor.com, or Investor Inquiries, Terry Huch,
+1-248-435-9426, terry.huch@arvinmeritor.com, both of ArvinMeritor, Inc. Web site: http://www.arvinmeritor.com/ Company News On-Call: http://www.prnewswire.com/comp/762401.html
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Profile: automotive-news
Insurance Department Offers Important Tips to Vacation Travelers
Insurance Department Offers Important Tips to Vacation Travelers HARRISBURG, Pa., July 25 /PRNewswire-USNewswire/ -- The Pennsylvania Insurance Department today reminded consumers who are planning vacations to consider if purchasing travel insurance will help to protect their investment and peace of mind. "Buying travel insurance can protect you from the loss of non-refundable travel costs, including airfare, hotel and tour expenses," said Cindy Fillman, director of Insurance's Office of Consumer Liaison. "With a host of companies offering various types of protections, consumers can avoid costly trip cancellations due to everything from severe weather and illness or personal emergency, to bankruptcy of the travel agency or cruise line." The newest edition of Consumer News You Can Use newsletter highlights travel and car rental insurance and discusses various coverage options for consumers. "Some insurance companies offer bundled packages of trip insurance that cover anything from identity theft to delayed or lost baggage," Fillman said. "Many consumers are unpleasantly surprised by the cost of replacing the contents of just a single piece of luggage. "Just like any other type of policy, travel insurance should be reviewed thoroughly -- not all policies are the same," she said. "Also, be sure you are purchasing travel insurance and not cancellation waivers, which may be helpful but are not insurance policies. Since waivers are not regulated by the department, we cannot offer consumers protection from problems that may arise." Renting a vehicle is another aspect of vacation planning that requires forethought. Many consumers are unsure whether their existing auto insurance policy will cover them while operating a rental vehicle. "By doing your homework ahead of time, you will not feel pressured into making a snap decision at the rental counter that ends up costing as much for insurance as it does to rent the car," Fillman said. Vacationers can also check with their credit card companies, as some firms offer free rental car collision insurance and some provide automatic travel insurance coverage if a traveler uses their card to pay for the trip. To download a copy of Consumer News You Can Use or find more information, visit the department's Web site at www.insurance.state.pa.us. Consumers also may call any of the department's Bureau of Consumer Services' regional offices at: -- Harrisburg: (717) 787-2317
-- Philadelphia: (215) 560-2630
-- Pittsburgh: (412) 565-5020
CONTACT:Rosanne Placey or Melissa Fox
(717) 787-3289
First Call Analyst:
FCMN Contact:
Source: Pennsylvania Department of Insurance
CONTACT: Rosanne Placey or Melissa Fox , +1-717-787-3289, both of
Pennsylvania Department of Insurance Web Site: http://www.state.pa.us/
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Profile: automotive-news
China Water & Drinks Exclusive Bottled Water Supplier at the 5th China Changchun International Automobile Expo
China Water & Drinks Exclusive Bottled Water Supplier at the 5th China Changchun International Automobile Expo SHENZHEN, China, July 25 /PRNewswire-FirstCall/ -- China Water & Drinks, Inc. (BULLETIN BOARD: CWDK) ("China Water & Drinks" "the Company"), a leading producer and distributor of purified bottled water in the People's Republic of China ("PRC"), today announced that it was the exclusive bottled water supplier for the 5th China Changchun Automobile Expo in Changchun, China. In an effort to build stronger brand recognition, China Water & Drinks is in the process of implementing a new marketing and branding campaign for its purified bottle water brand "Darcunk." As part of the Company's new campaign, China Water & Drinks had agreed to supply bottle water at the exposition in exchange for the marketing rights to be the exclusive bottled water company for Changchun International Automobile Expo through June 13, 2008. China Changchun International Automobile Expo is one of the top three automobile shows in China authorized by China Council for the Promotion of International Trade. The expo, held from July 13 through 22, covered an area of 140,000 square meters and was attended by about 100 auto companies including many famous domestic and international brands such as Volkswagen, Audi and General Motors and China First Automobile Works (FAW) Group Corp and more than 700,000 visitors, including both domestic and international press. "It was an honor to be the exclusive bottled water supplier at the Fifth Changchun Automobile Expo. Over the past eight years, this biennial expo has evolved into a major international event for the automobile industry," commented Mr. Xing Hua Chen, Chief Executive Officer of China Water & Drinks. "For China Water and Drinks to be selected as the exclusive bottled water supplier for such a high profile international event speaks to our reputation as a provider of high quality purified water and significantly enhances our brand recognition." About China Water & Drinks, Inc. China Water and Drinks, Inc. is a leading producer and distributor of bottled water in China. Through its production facilities in Guangzhou, Zhangjiang, Fexian, Nanning and Changchun, the Company produces and distributes bottled water to 11 provinces in China. The Company markets its own product under the brand "Darcunk", supplies purified water to both local and international beverage brands such as Coca-Cola, Uni-President, and Danone and provides private label bottled water for companies such as Sands Casino, Macau. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors include, but are not limited to the company's ability to complete product orders, coordinate product design with its customers, ability to expand and grow its distribution channels, political and economic factors in the People's Republic of China, the company's ability to find attractive acquisition candidates, dependence on a limited number of larger customers and other factors detailed from time to time in the Company's filings with the United States Securities and Exchange Commission and other regulatory authorities. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contact
China Water & Drinks, INC
Danny Tsai
Phone: 001- 949 528 2815 CCG Elite Investor Relations
Leslie Richardson, Financial Writer
Phone: 310-231-8600 x 122
leslie.richardson@ccgir.com
Crocker Coulson, President
crocker.coulson@ccgir.com First Call Analyst:
Source: China Water & Drinks, Inc.
CONTACT: Danny Tsai of China Water & Drinks, INC, +001-949-528-2815; or
Leslie Richardson, Financial Writer, +1-310-231-8600 x 122,
leslie.richardson@ccgir.com, or Crocker Coulson, President,
crocker.coulson@ccgir.com, both of CCG Elite Investor Relations
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Profile: automotive-news
Valeo Wins 9 New Contracts With the Park4U(TM) System
Valeo Wins 9 New Contracts With the Park4U(TM) System PARIS, July 25/PRNewswire-FirstCall/ -- Following the successful launch and market success of the VW Touran
equipped with the Valeo revolutionary parking assistance system Park4U(TM),
Valeo announces 9 new contracts with 5 European car brands. This ultrasonic
technology-based driving assistance system, a world premiere, automatically
steers the car into the parking slot in a few seconds. Drivers can take
their hands off the wheel, but keep their eyes on the road as they control
the braking and acceleration of the operation at any time. "We are pleased that more and more customers recognize the benefits of
our system, which offers intuitive and easy parking for city drivers" says
Valeo's Chairman and CEO, Thierry Morin. The Park4U(TM) is a new standard of simplicity for parking, as it
provides increased comfort and ease of use. This safe and affordable
technology developed by Valeo, world leader on the global ultrasonic park
assist market, relies on only two additional ultrasonic sensors compared to
the four front and four rear sensors commonly used for parking assistance. Valeo is an independent industrial group dedicated to the
design, production and sale of components, integrated systems and modules for
cars and trucks. It is one of the world's leading automotive suppliers. The
Group has 131 production sites, 68 R&D centers, 9 distribution platforms,
and employs 71,100 people in 29 countries worldwide. For more information about the Group and its activities,
please visit our web site http://www.valeo.com
Source: Valeo Management Services
For all additional information, please contact: Claire Vidal Pilo, Product &Technology Communication, Tel: +33-1-40-55-21-26, claire.vidal-pilo@valeo.com
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Profile: automotive-news
Goodyear Carbon Fiber ATV Drive Belt Available On-Line
Goodyear Carbon Fiber ATV Drive Belt Available On-Line AKRON, Ohio, July 25 /PRNewswire-FirstCall/ -- The Goodyear (NYSE:GT) Gatorback Sport ATV belt that created excitement when introduced earlier this year is now available on-line. (Logo: http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO ) Goodyear Gatorback Sport is the first Continuously Variable Transmission or CVT belt with carbon fiber reinforcement in its body construction, according to Tom Lee, product manager for the belt line. Enthusiasts can order Gatorback Sport ATV belts on-line by going to http://www.denniskirk.com/ and selecting "Engine & Transmission" under the "Off Road" category or by visiting http://www.rockymountainatv.com/ and selecting "Drive Belts" under the "Drive" category. They also can find a local parts dealer through Parts Unlimited's store locator at http://www.parts-unlimited.com/. "Quad riders need precise, immediate throttle response and off-road durability," said Lee. "Threadlike strands of carbon fiber that are strong, flexible and weigh much less than steel of similar strength are aligned in the rubber compound to provide added stiffness across the width of the belt." He said conventional CVT belt sidewalls can glaze and char from heat buildup when engaged with pulleys under extreme loads. Materials from the top width of the belt then turn down and inward, creating vibrations that can quickly destroy the belt. "Gatorback Sport regulates itself under extreme events," said Lee. "Its carbon fiber in the rubber compound allows desired edge slippage without losing top width. When extreme demand subsides, the edges self-heal and the belt again picks up the load." He added that tests show significantly reduced belt weight loss and improved top width wear without sacrificing pulley grip. Gatorback Sport's performance was born from race technology developed for NASCAR Nextel Cup Series teams last year and used first by Hendrick Motorsports to help add horsepower to the car driven by eventual Cup Series Champion Jimmy Johnson. "We took what we learned at the track about carbon fiber and adapted it to help develop the belt for all-terrain vehicles," said Lee. "Its performance earns it the Gatorback name, joining a growing family of popular Gatorback automotive belts that are used by all major NASCAR Cup Series teams and are available in auto part stores and service centers." Gatorback Sport's lateral strength comes from carbon fiber, but its longitudinal strength comes from Goodyear Flexten aramid cords traveling the circumference of the belt. Flexten minimizes stretch, stabilizes overall length and maximizes horsepower transmission. "It all adds up to predictable tension performance," said Lee, "and tension is as important to belts as air pressure is to tires." Gatorback Sport's dimensions precisely duplicate most major ATV manufacturers' original equipment profiles and measurements for top width, length and sidewalls to ensure proper fits. The belt's top width range is 17 to 35 millimeters or 0.68 to 1.37 inches, while its length range is 679 to 1106 mm or 26.75 to 43.56 inches. For additional information, go to http://www.goodyearep.com/. Contact: Skip Scherer
330-796-1054
First Call Analyst:
FCMN Contact: greg_dooley@goodyear.com
Photo: http://www.newscom.com/cgi-bin/prnh/20050204/GTLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: The Goodyear Tire & Rubber Company
CONTACT: Skip Scherer of The Goodyear Tire & Rubber Company,
+1-330-796-1054 Web site: http://www.goodyear.com/
http://www.denniskirk.com/
http://www.rockymountainatv.com/
http://www.parts-unlimited.com/
http://www.goodyearep.com/
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Profile: automotive-news
NAVTEQ Chosen as the Preferred Supplier for Korean-based Hyundai-Kia Automotive Group
NAVTEQ Chosen as the Preferred Supplier for Korean-based Hyundai-Kia Automotive Group In-Vehicle Navigation Introduced in North America and Europe CHICAGO, July 25 /PRNewswire-FirstCall/ -- NAVTEQ (NYSE:NVT), a leading global supplier of digital map data for vehicle navigation and location-based solutions, today announced its selection as the preferred map provider for the Hyundai-Kia Automotive Group. NAVTEQ was chosen as the preferred supplier based on its high-quality map data, single specification, extensive marketing support programs, and collaboration Mando Map and Software (MMS), an affiliate of the Hyundai-Kia Automotive Group. As early as this year, NAVTEQ will provide maps for a variety of new Hyundai and Kia vehicle models in the United States, Canada, and Eastern and Western Europe. Critical to NAVTEQ's selection as preferred map provider, was an extensive series of tests conducted by Hyundai that confirmed the quality of NAVTEQ(R) map data. In order to deliver a map database of this quality, NAVTEQ efficiently accesses and integrates data from multiple sources. Additionally, a broad network of over 700 geographic analysts, strategically located around the world, drive the roads to verify and update information in the NAVTEQ database resulting in map data that is fresh, accurate, and detailed. "We are looking forward to working with NAVTEQ as we begin integrating navigation into our newer vehicles," said W.C. Yang, Senior Executive Vice President Electronics, Hyundai-Kia Automotive Group. "NAVTEQ's high-quality map data met our strategic needs for one worldwide specification. Additionally, their unique marketing support programs and ability to work with MMS made them a natural selection." "Demand for navigation systems continues to grow globally," said Jeff Mize, Senior Vice President, Vehicle, NAVTEQ. "As the preferred map supplier for Hyundai-Kia Motor Company, we are excited to collaborate with them on the successful introduction of this new system across North America and Europe to help ensure that many Hyundai and Kia drivers choose to enjoy the benefits of a navigation-equipped vehicle." About Hyundai-Kia Automotive Group Established in 1967, Hyundai Motor Co. has grown into the Hyundai-Kia Automotive Group which was ranked as the world's sixth largest automaker in 2006 and includes over two dozen auto-related subsidiaries and affiliates. Employing over 68,000 people worldwide, Hyundai Motor posted US$29.4 billion in sales in 2006 (on a non-consolidated basis, [US$68.4 billion consolidated]). Hyundai vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com/. Kia Motors Corp. (http://www.kia.com/) -- one of the fastest growing automakers in the world -- was founded in 1944 and is Korea's oldest manufacturer of motor vehicles. Kia's 12 manufacturing and assembly operations in 8 countries produce more than 1.3 million vehicles a year that are sold and serviced through a network of distributors and dealers covering 165 countries. Kia today has over 33,000 employees and annual revenues of almost $19 billion. Kia Motors Corporation's brand slogan -- "The Power to Surprise" -- represents the company's global commitment to surpassing customer expectations through continuous automotive innovation About NAVTEQ NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has over 3,000 employees located in 168 offices in 30 countries. NAVTEQ is a trademark in the U.S. and other countries. (C) 2007 NAVTEQ. All rights reserved. This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, as filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document. (Logo: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO ) First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20060313/NAVTEQLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: NAVTEQ
CONTACT: Jennifer Schuh of NAVTEQ, +1-312-894-3913,
jennifer.schuh@navteq.com; or Bob Richter, +1-212-802-8588,
bob@richtermedia.com, for NAVTEQ Web site: http://www.navteq.com/
http://www.hyundai-motor.com/
http://www.kia.com/
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Profile: automotive-news
Do You Know the Vehicle History Score For that Used Car?
Do You Know the Vehicle History Score For that Used Car? Experian Automotive's AutoCheck Score(SM) numeric vehicle history scoring system now available to all AutoCheck(R) members SCHAUMBURG, Ill., July 25 /PRNewswire/ -- Experian Automotive, a division of global information solutions company Experian(R) Inc., today announced that the AutoCheck Score, which summarizes information on AutoCheck vehicle history reports into one, straightforward numeric score, is now available to all AutoCheck member customers. The industry's first and only vehicle history score, the AutoCheck Score helps dealers and their customers more easily interpret the information in a vehicle history report. Seventy percent of consumers rate a "summary score" as very or extremely useful when making a used vehicle purchase decision. Now, dealers can access the AutoCheck Score to help their customers quickly and easily understand a vehicle's history as well as when purchasing vehicles for their own lots. Successfully tested by nearly 100 dealerships, the AutoCheck Score is available at no additional cost to all AutoCheck members, including dealers, auto lenders, insurance companies and auctions. "Used car shoppers demand to have as much information as possible on the vehicle and the market to make their buying choice," said Dave White of DARCARS Automotive Group. "The AutoCheck Score is the only tool out there that allows us to provide customers with all the information in a vehicle history report, as well as a comparison against all similar vehicles, in a way that everyone can understand." The AutoCheck Score -- a number between 1 and 100 -- accurately summarizes the individual items and events in a vehicle's history in a way that dealers can quickly communicate and consumers can readily understand. The AutoCheck Score does this by factoring key areas of a vehicle's history including reported title brands, auction announcements, reported mileage, number of owners, accident, theft and repossession history. By weighing all of these information points, the AutoCheck Score provides a clear understanding of the full vehicle history report, helping to eliminate the need to base decisions on any one particular event that may or may not have an impact on the expected life and favorability of the vehicle. "Auto dealers need an innovative vehicle history report that is easy to explain and understand while managing risk and increasing confidence though all phases of the used vehicle selling cycle," said Scott Waldron, president of Experian Automotive. "The AutoCheck Score is a revolutionary step in our continued efforts to provide dealers and their customers with access to the information they need to make their best decisions." The AutoCheck Score is offered as an added feature of the full AutoCheck vehicle history report and is available in English and Spanish. It is accompanied by the AutoCheck Score Range(SM) which provides extra information on how that vehicle compares to other cars of similar age and class to better help consumers when evaluating a used vehicle. AutoCheck vehicle history reports, pulling from Experian's National Vehicle Database of more than half a billion vehicles, help to disclose important events in a vehicle's history such as major flood damage, frame damage, or odometer rollback issues, along with other key information that can affects a vehicle's safety and resale value. Full AutoCheck reports are available in English and Spanish as part of the AutoCheck member service. Dealer and commercial AutoCheck customers can access AutoCheck vehicle history reports with the AutoCheck Score through the AutoCheck Members Web site at http://www.autocheckmembers.com/. Consumers will be able to directly access the AutoCheck Score at http://www.autocheck.com/ later in the summer of 2007. About Experian Automotive Experian Automotive, a business unit of Experian(R) Group Ltd. , delivers information solutions to manufacturers, dealers, finance and insurance companies, and consumers. Experian helps automotive clients increase customer loyalty, target and win new business, and make better lending and vehicle purchase decisions. Its National Vehicle Database, housing more than 500 million vehicles, along with Experian's credit, consumer and business information assets, meets the industry's growing demand for an integrated information source. Experian's advanced decision support services help clients turn this information into improved business results. Experian technology supports several top automotive Web sites including eBay Motors, Yahoo! Autos, CarsDirect.com, CarMax.com and NADAguides.com. For more information on Experian Automotive and its suite of solutions, visit our web site at http://www.experianautomotive.com/.
First Call Analyst:
FCMN Contact:
Source: Experian Automotive
CONTACT: Christopher Fielder of Experian Public Relations,
+1-224-698-8628, christopher.fielder@experian.com Web site: http://www.experianautomotive.com/
http://www.autocheck.com/
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Profile: automotive-news
Continental AG and Siemens VDO Automotive AG Join Together To Form Automotive Supplier at Forefront of Global Market
Continental AG and Siemens VDO Automotive AG Join Together To Form Automotive Supplier at Forefront of Global Market -- Biggest purchase in Continental's history clears way to excellent future prospects -- Unsurpassed competence in chassis, safety, powertrain systems and infotainment -- Consolidated innovative prowess and broad product portfolio with top technologies -- Creative power of employees indispensable in carrying through integration -- Wennemer: "Fair price paid" -- attractive financing conditions HANOVER, Germany, July 25 /PRNewswire/ -- With the biggest acquisition in its 136-year history, Continental AG, Hanover, is investing itself with excellent prospects for the future in a global market that, while demanding, is equally rich in opportunities. Continental is buying the Siemens VDO Automotive AG from Siemens AG, Berlin/Munich, for 11.4 billion euros. In so doing, it is advancing to a position among the top five worldwide in this industry. On Wednesday the supervisory boards of Siemens AG and of Continental AG, in Munich and Hanover respectively, gave their consent for the transaction. Execution of the acquisition is contingent on the approval of the appropriate antitrust authorities. As per 2006, Continental and Siemens VDO Automotive AG realize aggregate annual sales of around 25 billion euros with a worldwide workforce of close to 140,000. "Together Continental and Siemens VDO Automotive AG, two companies rich in tradition and endowed with an enormous performance capability, have the once- in-a-lifetime opportunity to forge a global frontrunner in the automotive supplier sector. By joining forces, pooling our innovative prowess and allying our leading positions worldwide in key market segments like safety, chassis, powertrain systems and telematics/infotainment, we are extremely well placed to take on the global competition and to profit from all mega-trends in our branch of industry," said Continental Executive Board chairman Manfred Wennemer. "We are well aware of the magnitude of the task. A high measure of flexibility, creativity and willingness to institute change is a sine qua non all around in the demanding process of integrating the two companies in a spirit of genuine partnership. We are convinced that the creativeness of both companies' committed employees will allow our joint project to be crowned with success!" With the acquisition, Continental AG continues to rigorously pursue a strategy of value-generating growth in synch with the claim of rendering individual mobility safer, more comfortable and more environmentally compatible. "In buying Siemens VDO Automotive AG, Continental is taking the logical next step in its evolution to full-range, integrated systems supplier. We initiated this process with the purchase of Teves in 1998. It progressed further with the take-over of Temic and the automotive electronics business of automotive electronics business of Motorola, Inc. and is now culminating, for the present, with the Siemens VDO Auto motive AG acquisition. The new Continental thus stands for a future mobility that is intelligent and highly innovative, making it an even more potent partner to the automotive industry," said Dr. Karl-Thomas Neumann, Executive Board member responsible for the Automotive Systems division. He underscored the advantages of the new Continental: -- Pooled know-how in systems technologies like driver-assistance,
environment sensors, telematics and electronic brakes will crucially
advance the integration of passive and active vehicular safety and,
with the innovative systems it generates, also set new standards in the
areas of traffic management and accident prevention.
-- In close cooperation with customers in the automotive industry, the
company will be able to exploit its position as leading innovator in
the area of powertrain systems -- for electric motors and hybrid
technology as well as for engine and transmission management systems --
to achieve crucial headway in meeting the worldwide goal of a reduction
in CO2 emissions.
-- The intelligent nexus of its top standing worldwide in the telematics
domain and its competence in infotainment systems as well as instrument
panel controls will enable the company to create a broader scope of
utility value for OE customers and end users. "At the same time we are significantly expanding our market position in Europe, North America and Asia. We are also welding a happy bond of bundled innovation synergies and top quality, further enhanced efficiency and an optimally balanced product portfolio. In the future this will surely enable us to profit from the major trends in key market segments, with the best interest of our customers, shareholders and employees uppermost in our minds," emphasized Continental Executive Board chairman Wennemer. He cited a few examples: -- Increasingly comprehensive statutory regulations and the demands of
motorists worldwide will trigger a much greater market for active and
passive vehicle safety components and systems.
-- As a result of increasingly stringent consumption and emissions
stipulations all around the globe and the wishes and demands of end
consumers, there is a dynamically growing need for environmentally
compatible, climatically neutral powertrain systems -- for conventional
engines as well as for hybrid technology or ultra-energy-efficient
battery systems.
-- The continued steep rise in the volume of data and information
exchanged between the vehicle, the driver and the infrastructure will
give birth to new and rapidly developing markets involving all aspects
of networked systems and products in the areas of infotainment and
telematics.
-- The demand for affordable cars will experience two-digit growth
worldwide in the next few years. All-in systems suppliers of even
simple solutions stand to benefit. "The price agreed upon is commensurate and fair when one takes into consideration these far-reaching operational and strategic advantages, the anticipated net synergy potential in the order of minimum 170 million euros a year as of 2010, and the tax advantages of around a million euros that we realize in connection with the transaction -- and which do not work out to any loss of revenue for the state," stressed Wennemer. "We want to boost this potential as quickly as possible, in equally rigorous and efficient fashion." The integration is to be effected briskly. Here Continental can draw, in particular, on experience gathered in the successful integration processes of the past ten years, as shown not only in the case of Teves, Temic and Motorola but also by the example of Phoenix. Contingent on the approval of the respective antitrust authorities, we expect closing of the transaction prior to the end in the fourth quarter 2007. The integration will have been concluded by the end of 2009, with the lion's share to be completed already next year. "Obviously restructuring processes will be necessary in the course of enforcing the overall project. Here we shall first see to it that the plans worked out by Siemens VDO Automotive AG under Siemens management are quickly implemented," stressed Wennemer. At the same time the Continental Executive Board chairman expressly called upon employees at both companies, as well as employee representatives, to play a proactive and constructive role in shaping the upcoming integration and restructuring processes within the scope of codetermination. "We want to jointly arrive at fair solutions. We shall respond to suggestions, questions and, of course, any reservations as may be voiced and do everything in our power to ensure that sight is not lost of the individual employee. Proceeding in dialog, we intend to implement the integration as smoothly as possible and shape the impact of restructuring in a socially acceptable manner." Continental's Executive Board member for finance, Dr. Alan Hippe, emphasized that the financing of the purchase price does not present an issue. "The Siemens VDO Automotive AG acquisition will have the effect of shaping a more efficient capital structure at Continental. We have already been able to negotiate attractive terms with the banks. As announced, we have sewn up a financing package that allows us to meet our target of a consistently solid credit rating of BBB or Baa2. Currently rated BBB+ and Baa1, Continental remains in close touch with the rating agencies in this regard. The package will be comprised largely of borrowings on equity, backed up by measures aimed at bolstering our equity capital," Hippe explained. At the same time, the Continental Executive Board chairman stressed: "Neither the sale of ContiTech nor of the tire divisions is planned." As to the future organizational structure, Wennemer announced that, as in the past, operations will be geared towards optimally shaping a corporation that is customer and market driven, efficiency-oriented and effective. "Nothing is going to change as far as the business units' and divisions' entrepreneurial orientation -- in the truest sense of the word -- is concerned. This will very possibly become even more pronounced," said Wennemer. The Continental Corporation is a leading automotive supplier of brake systems, chassis components, vehicle electronics, tires and technical elastomers. In 2006 the corporation realized sales of EUR 14.9 billion. At present, it has a worldwide workforce of around 87,000. Corporate Image and Video Library: www.conti-online.com -- This press release has been prepared by Continental Aktiengesellschaft
solely for the "Agreement to acquire Siemens VDO" on July 25, 2007.
-- It has not been independently verified. It does not constitute an
offer, invitation or recommendation to purchase or subscribe for any
shares or other securities issued by Continental AG and neither shall
any part of it form the basis of, or be relied upon in connection with,
any contract or commitment whatsoever.
-- Thus, neither Continental Aktiengesellschaft nor any of their
affiliates, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss that may arise
from any use of this document or its contents or otherwise arising in
connection with this document.
-- This presentation includes assumptions, estimates, forecasts and other
forward-looking statements, including statements about our belief and
expectations regarding future developments as well as their effect on
the results of Continental. These statements are based on plans,
estimates and projections as they are currently available to the
management of Continental. Therefore, these statements speak only as of
the date they are made, and we undertake no obligation to update
publicly any of them in light of new information or future events.
Furthermore, although the management is of the opinion that these
statements, and their underlying beliefs and expectations, are
realistic, no guarantee can be given that the expected developments and
effects will actually occur. Many factors may cause the actual
development to be materially different from the expectations expressed
here. Such factors include, for example and without limitation, changes
in general economic and business conditions, fluctuations in currency
exchange rates or interest rates, the introduction of competing
products, the lack of acceptance for new products or services and
changes in business strategy.
First Call Analyst:
FCMN Contact:
Source: Continental AG
CONTACT: Dr. Heimo Prokop, Director Corporate Communications,
+49 511 938-1485, prkonzern@conti.de, or Hannes Boekhoff, Head of Press,
+49 511 938-1278, prkonzern@conti.de, both of Continental AG Web site: http://www.conti-online.com/
http://www.contitevesna.com/ Company News On-Call: http://www.prnewswire.com/comp/437525.html
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Profile: automotive-news
Toyota Brings 'Highway to the Future: Mobile Hybrid Experience' to the Wisconsin State Fair
Toyota Brings 'Highway to the Future: Mobile Hybrid Experience' to the Wisconsin State Fair Toyota's Mobile Experience Offers Look Inside Hybrid Synergy Drive WEST ALLIS, Wis., July 25 /PRNewswire/ -- Toyota is bringing its nationwide tour called "Highway to the Future: Mobile Hybrid Experience," to the Wisconsin State Fair in West Allis, Wisconsin on August 2-12, 2007. The tour is designed to provide consumers with a firsthand opportunity to experience automotive hybrid technology. The tour which will run 18 months debuted Jan. 11, 2007 at the San Jose International Auto Show and is traveling to more than 150 events throughout the country. Consumers will have an opportunity to test Toyota's Hybrid Synergy Drive system and learn about hybrid technology through a number of interactive educational exhibits. "Most people have heard of hybrid technology and probably have a vague idea of how it works, but few have actually driven a hybrid and or taken an up-close look at its operation," said Celeste Migliore, Toyota's National Manager, Advanced Technology Vehicles. "This tour allows consumers to learn more about the technology behind this system and the benefits of hybrid vehicles." Highway to the Future: Mobile Hybrid Experience serves as a mobile museum to the environment and alternative fuels. The exhibit will be located in "The Big Backyard" area at the Wisconsin State Fair Park, adjacent to the Alliant Energy Family Variety Stage daily from 9:00 a.m. to 10:00 p.m. (with the exception of Sunday, August 12 when the exhibit will close at 9:00 p.m.). There are four distinct interactive learning areas within the exhibit. -- "Alternative Fuels: Fueling the Future," identifies the differences in the various types of alternative fuels and how they are produced. -- "Environment and Resources: Small Steps, Big Difference," shows attendees what they can do to make a difference to the environment. -- "The Prius Driving Experience" simulates the current Hybrid Synergy Drive technology allowing visitors to interact with system while on-screen instructions offer driving tips. -- "Hybrid Technology: Not All Hybrids are Created Equal" exhibit gives visitors a better understanding of the various hybrid technology options on the market and how hybrids benefit the consumer and the environment. The hybrid experience offers more than just interesting educational activities; it also is designed to minimize its own environmental impact. Toyota will plant more than 50,000 trees in honor of those visiting the experience in conjunction with the National Arbor Day Foundation. These trees will help offset the "carbon footprint" of the trucks transporting the tour across the country and will continue to have a positive impact on the environment for years to come. Toyota's Highway to the Future: Mobile Hybrid Experience will travel to more than 150 events across the 48 contiguous United States during the next 18 months. For more information or the schedule of events please visit www.toyota.com/highway. About Toyota Toyota Motor Sales (TMS), U.S.A., Inc. is the marketing, sales, distribution and customer service arm of Toyota, Lexus and Scion in the United States, marketing products and services through a network of 1,427 Toyota, Lexus and Scion dealers in 49 states. Established in 1957, TMS and its subsidiaries also are involved in distribution logistics, motor sports, and research and development. First Call Analyst:
FCMN Contact:
Source: Toyota Motor Sales, U.S.A., Inc.
CONTACT: Craig Miner, P2R Associates for Toyota, +1-248-840-8368
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Profile: automotive-news
Toyota Advances Plug-In Hybrid Development With Partnership Program Involving UC Berkeley, UC Irvine, California Energy Commission and Air Resources Board
Toyota Advances Plug-In Hybrid Development With Partnership Program Involving UC Berkeley, UC Irvine, California Energy Commission and Air Resources Board TORRANCE, Calif., July 25 /PRNewswire/ -- Toyota Motor Sales, U.S.A., Inc., (TMS) today announced that it will provide Toyota plug-in (PHEV) hybrid prototypes to the Advanced Power and Energy Program at the University of California, Irvine (UCI) and the Institute of Transportation Studies at the University of California, Berkeley (UCB), as part of its on-going sustainable mobility development program with the two UC campuses. Also, today, Toyota Motor Corporation (TMC) announced that the Japan Ministry of Land, Infrastructure, and Transport has certified prototype plug-in hybrid vehicles for use of similar testing on Japan public roads. Toyota has a long history of working collaboratively with both universities on the development of advanced technology and alternative-fuel vehicles, including demonstration and research programs involving fuel cell vehicles, gas-electric hybrids and pure electric vehicles. This next phase of its sustainable mobility partnership involving plug-in hybrid vehicles will be conducted in conjunction with the Alternative Fuel Incentive Program jointly developed by the California Air Resources Board (CARB) and the California Energy Commission (CEC). The goal of this program, which was authorized under California Assembly Bill 1811, is to incentivize the use and production of alternative fuels and vehicles. "Our goal with this program is to evaluate various advanced vehicle technologies, as well as key factors such as infrastructure, intelligent transportation systems, and urban design," says Dave Illingworth, senior vice president and chief planning officer for TMS. "The Toyota Prius convinced mainstream consumers on the merits of hybrids. Although there is much work to be done with plug-ins, we see this pilot program as a significant step in the advancement of the technology." A conventional gas-electric full hybrid system, such as that found in the Toyota Prius, is powered by both an electric motor and a gas engine. The system operates in pure-electric mode, pure-gas mode, or a combined gas-electric mode. The electric motor is powered by a dedicated battery pack that is kept charged by electricity generated by the gas engine and the vehicle's re-generative braking system. The fact that the hybrid battery never needs to be plugged-in to a recharging station has been one of the primary selling points with mainstream consumers. Based on the current-generation Prius, the PHEV prototypes will be powered by oversized packs of nickel-metal hydride batteries that effectively simulate the level of performance Toyota expects to achieve when it eventually develops its own more advanced, compact and powerful battery systems. The prototype PHEV system is designed to operate in a similar manner to the current Prius, switching from pure-electric mode, to gas-engine mode to a combined gas-electric mode. The big advantage is that the PHEV's prototype battery pack is capable of storing significantly higher levels of electricity, supplied by "plugging into the grid" for periodic recharging sessions. With significantly more electric power in reserve, the vehicle will be capable of operating in pure-electric mode for longer periods of time and at much higher speeds than the current Prius. This will result in substantial gains in fuel economy and a major reduction in total tailpipe emissions of smog-forming gases, over current conventional hybrid systems. Given its commercial success, it's no surprise that the further advancement of hybrid technology is a top priority for Toyota. As of the end of May 2007, cumulative sales of Toyota hybrid vehicles worldwide topped the one million mark, a global sales number the company hopes to hit annually in the early 2010s. The U.S. market accounts for more than half of Toyota's first million hybrid sales -- 604,693 vehicles from the first Prius sold in 2000 through June 2007. And despite decreasing tax credits, demand continues to climb. An analysis by The Detroit News showed Toyota accounted for 80 percent of the U.S. hybrid market in May, a month that saw TMS' hybrid sales jump more than 100 percent over the previous May. The company's hybrid sales for the first six months of 2007 are up 69 percent over the same period last year. "The cost-benefit of hybrids is becoming more apparent with climbing gas prices," says Jim Lentz, TMS executive vice president. "We anticipate combined sales of Toyota and Lexus hybrids in the United States to reach a quarter million units this year." The price of gas isn't the only reason people purchase hybrids; many are concerned about reducing dependence on foreign oil and tailpipe emissions. A recent study by the National Renewable Energy Laboratory says hybrids have saved close to 215 million gallons of fuel in the United States since their introduction in 1999. Additionally, Toyota estimates that over the past decade, hybrids worldwide have emitted approximately 3.5 million fewer tons of CO2 than gas-powered vehicles of the same class. Public Web site: http://www.toyota.com/ (Logo: http://www.newscom.com/cgi-bin/prnh/20030501/TOYLOGO) First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030501/TOYLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Toyota Motor Sales, U.S.A., Inc.
CONTACT: Cindy Knight, +1-310-468-2170, or Ming-Jou Chen,
+1-310-468-4782, or Denise Morrissey, +1-310-468-4844, or Bill Kwong,
+1-310-468-3764, all of Toyota Division Communications Web site: http://www.toyota.com/ NOTE TO EDITORS: Media Web site, http://www.pressroom.toyota.com
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Profile: automotive-news
Detroit Metro Convention & Visitors Bureau Announces '3 Days in the D'; Hot Music, Fast Cars, Great Food and Art Labor Day Weekend in Detroit
Detroit Metro Convention & Visitors Bureau Announces '3 Days in the D'; Hot Music, Fast Cars, Great Food and Art Labor Day Weekend in Detroit DETROIT, July 25 /PRNewswire-USNewswire/ -- Detroit will hum with activity on both ends of Woodward Avenue from the Detroit River to Pontiac on Labor Day weekend. Non-stop jazz, flavorful food, world-class auto racing, and an endless array of art and activities will be available for every taste of local and out-of-town visitors. Three signature events -- the Detroit Belle Isle Grand Prix, Detroit International Jazz Festival and Chrysler Arts, Beats & Eats -- will be jointly marketed as "3 Days in the D," the Detroit Metro Convention & Visitors Bureau (DMCVB) announced today. "3 Days in the D" was spearheaded by the Detroit Metro Convention & Visitors Bureau and the City of Detroit, in partnership with Detroit Belle Isle Grand Prix, the Detroit International Jazz Festival, and Chrysler Arts, Beats & Eats. "Metro Detroit is the place to be with three huge events happening Labor Day weekend, and we have a tremendous opportunity to package them and showcase our revitalized region to visitors," said Larry Alexander, DMCVB president & CEO. "This lineup should also encourage local residents to stay in town and be hometown tourists during the weekend." In addition to the three events, the Michigan State Fair in Detroit and the Michigan Renaissance Festival in Holly round out a terrific weekend in the region. The DMCVB put its marketing and hospitality experience in the forefront to promote "3 Days in the D." The Bureau created the brand, targeted a regional television and radio advertising campaign around the weekend, featured the event in its "Visit Detroit" magazine, distributed at all metro area hotels, and created hotel packages on the Web site. The Bureau is also managing volunteers to serve as ambassadors at hotels, airports and at all three events during the weekend. The City of Detroit is coordinating transportation and logistics for the weekend (see details at http://visitdetroit.com/). Lamar Outdoor Advertising is helping to promote the event with donated space on electronic billboards in metro Detroit. As an incentive to encourage visitors and residents to attend multiple events during the weekend, passport-like cards will be available at information booths at the three events. Visitors who check in at the booths and get the card stamped at two or all of the events will be eligible to win a trip to the Caribbean or Mexico, donated by FunJet Vacations. For details about "3 Days in the D," go to http://www.visitdetroit.com/ and click on the "3 Days in the D" logo. To volunteer for "3 Days in the D" visit http://2007detroitgrandprix.theregistrationsystem.com/ Detroit Belle Isle Grand Prix The Detroit Belle Isle Grand Prix represents the return of world-class auto racing to the Motor City for the first time in six years. The event, held August 31-Sept. 2, on Detroit's beautiful Belle Isle road course, features the exotic sports cars of the American Le Mans Series along with the high-powered open wheel machines of the IndyCar Series competing on the same action-packed Labor Day weekend. On Saturday, Sept. 1, fans will witness the first-ever American Le Mans Series race in the State of Michigan with the Detroit Sports Car Challenge presented by Bosch. The IndyCars take center stage on Sunday, Sept. 2 in the Detroit Indy Grand Prix presented by Firestone. Detroit International Jazz Festival This year's Detroit International Jazz Festival honors the jazz roots of Detroit and Chicago through a friendly challenge between artists from each city. "The Rumble in the Great Lakes," kicks off Friday with A Blowin' Session, featuring Detroit's internationally-renowned jazz violinist Regina Carter and Chicago's Grammy-award winning jazz pianist and composer Herbie Hancock. The festival features free open-air concerts on six stages from Campus Martius Park to Hart Plaza and 100 acts such as Patti Austin, The Miracles and Dave Brubeck. Other festival features include the Here and Now Stage, artist residency, emerging artist stage, gospel Monday, family picnic area, and a jazz and art gallery tent featuring the Arts League of Michigan exhibit Rock My Soul. Chrysler Arts, Beats & Eats Chrysler Arts, Beats & Eats celebrates its 10th Anniversary as Oakland County's Taste, Music & Arts Festival from August 31- Sept. 3, in downtown Pontiac. The event features 10 musical stages with 175 bands and performing artists, 10 FunJet Vacation giveaways, 175 fine art exhibitors from across the United States and more than 50 of metro Detroit's best restaurants and caterers. There will be a Kids' Stage, Sportapalooza, International Block Party and ride and drive featuring hot new cars from Chrysler, Jeep and Dodge. Six acres of interactive family activities will include an entertainment stage, talent competition and a carnival with 13 rides and attractions. The Detroit Metro Convention & Visitors Bureau is a private, not-for- profit organization whose mission is to market and sell the metropolitan Detroit area on a worldwide basis as a destination for leisure and business travel including conventions, trade shows, corporate meetings, tours and incentive travel as well as a film location to maximize additional visitors, visitor expenditures, state and local tax revenues, and job opportunities. More than 800 businesses are represented in the DMCVB's membership. The DMCVB was founded in 1896 as the world's first convention and visitors bureau. For details, go to http://www.visitdetroit.com/. Source: Detroit Metro Convention & Visitors Bureau
CONTACT: Renee Monforton, +1-313-202-1951 or Carolyn Artman,
+1-313-202-1952, both of the Detroit Metro Convention & Visitors Bureau
Announces Web site: http://www.visitdetroit.com/
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Profile: automotive-news
Detroit Press Club 'Steakout' Returns for Another Year - Politicians, Business Leaders and the Detroit Lions: Beware!
Detroit Press Club 'Steakout' Returns for Another Year - Politicians, Business Leaders and the Detroit Lions: Beware! Detroit Goodfellows and Detroit Press Club Foundation to Share Proceeds Tickets now on sale at P.O. Box and next week at detroitsteakout.com Only 1,000 seats will be available this year You will laugh your butt off - or your money back! (Not really.) DETROIT, July 25 /PRNewswire/ -- Much to the dismay of Matt Millen, Governor Jennifer Granholm, Mayor Kwame Kilpatrick, L. Brooks Patterson, Bob Ficano, who-ever-it-is-in-Macomb-County-that-replaced-Nancy White, Matt Millen, Doctor Kevorkian, Michael Vick and many other newsmakers, the Detroit Press Club Steakout is back for another year. Did we mention Matt Millen? The 30th-something version of Steakout (our historian embezzled our kitty and fled the country) will be Thursday evening, November 1 at the Marriott Renaissance in Detroit. The Steakout is the annual, off-the-record and often tastefully tasteless parody show designed with one goal in mind: To lampoon the state of Michigan's newsmakers and rule breakers. It began more than 30 years ago as Detroit's version of the Gridiron Club. After serving a 12-year sentence for bad behavior, the Steakout returned two years ago to critical acclaim ... unless, of course, you live your life in the public eye. This year's Steakout is entitled "Detroit Idle." No other explanation will be given until showtime. "If you're famous in this state, and you've done something illegal, immoral or, well, just plain stupid, we're gunning for you," said Chrysler's Jason Vines, co-chair for the event along with WWJ/UofM -- Dearborn's Tim Kiska and Ed Lapham from Automotive News. "And if you haven't, then we'll make something up." As was the case the past two years, all proceeds from the Steakout will be donated to the Goodfellows, the Old Newsboys' charity that annually provides needy local children with Christmas gifts, and the Detroit Press Club Foundation, which provides scholarships for journalism students. "We thought about donating it to the State of Michigan but the Governor said she was all set," Kiska said. "As was the policy of last year's Steakout, there will be no full frontal nudity, unless of course a coach of a particular local sports team is trolling through the fast food nation," Vines added. For many years, Steakout was the must attend event of the year. It has featured such notables as Mayors Young and Kilpatrick, Governors Milliken, Blanchard and Engler, Ted Koppel, Oprah Winfrey, Siskel and Ebert, Dan Rather, Sonny Eliot and L. Brooks Patterson. The event features a cocktail reception beginning at 6 p.m. sponsored by Chrysler and Toyota and other companies yet-to-be targeted. Dinner follows at 7 p.m. and the show begins at 8 p.m. The highlight of the program will, again, be the awarding of the Steakout Lifetime Achievement Award, given annually to the newsmaker that gives the media the most material or "raw meat." The past two winners were Patterson and Mayor Kilpatrick. "Mayor Kilpatrick was a gracious recipient last year, once we told him that he wouldn't be sitting with Steve Wilson," Lapham said. "We hope to have him back this year to pass the award along to another poor soul ... I mean lucky winner." "We won't announce the winner until the night of the event for three reasons," said Vines. "Potential incarceration at the time of the show, buying the farm or someone else deserves the award because of something done between now and showtime." The ticket price for the Steakout will be $150 this year, which works out to approximately 28 cents per laugh. Tickets can be purchased on detroitsteakout.com or by mailing a check to "Steakout, P.O. Box 255, Eastpointe, MI 48021. A total of 1,000 tickets are available for the event. Tables of 10 are the suggested purchase. First Call Analyst:
FCMN Contact:
Source: The Detroit Press Club Foundation
CONTACT: Jason Vines for The Detroit Press Club Foundation,
+1-248-512-3164 Web site: http://www.detroitsteakout.com/
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Profile: automotive-news
posted by automotive-news # 9:21 AM
Volvo Looks to Arizona for New Hero Nominations
Volvo Looks to Arizona for New Hero Nominations America's Greatest Hometown Hero, Peoria Woman Rose Mapendo, Helps Volvo Call all Arizona Heroes in the 6th Annual Volvo for Life Awards Visit www.volvoforlifeawards.com to give your local hero a chance at $100,000 and a Volvo car for life IRVINE, Calif., July 25 /PRNewswire/ -- Earlier this year, Volvo named Rose Mapendo, an African refugee and mother of 10 from Peoria, America's Greatest Hometown Hero in the 5th Annual Volvo for life Awards. As the national awards program enters its sixth year, Volvo is revisiting Arizona with hopes of uncovering more heroes from this bountiful state. Sixth Annual Volvo for life Awards nominations are being accepted now through October 15 at http://www.volvoforlifeawards.com/. The Volvo for life Awards is the nation's largest annual search for -- and celebration of -- everyday heroes. In the 6th Annual Volvo for life Awards, three extraordinary citizens will receive a $100,000 charitable contribution to the charity of his or her choice, with one going on to receive the title "America's Greatest Hometown Hero," and with it, a new Volvo car every three years for life. "I can't thank Volvo enough for the money they gave Mapendo International," Mapendo said. "Driving my kids around in a new Volvo XC90 is a treat I never thought I would see in my lifetime. I urge everyone to nominate their heroes and give them a chance to help their community." Since 2002, Volvo Cars of North America has sought out and honored more than 17,000 everyday heroes in its annual Volvo for life Awards, and has contributed millions of dollars to their causes. Every hero celebrated in the program has one thing in common: they are ordinary people who are making a positive difference in the lives of others. Following 16 months of imprisonment and torture by Congolese soldiers in the wake of Rwandan genocide, Mapendo and nine of her children ended up in a refugee camp in Cameroon, from where she resettled to Arizona and became a U.S. citizen. Once safely established in America, Mapendo helped found Mapendo International. The organization works with the U.S. Department of State and the United Nations to identify and assist Africans who are at risk of falling through the cracks of humanitarian aid efforts. Mapendo currently serves as the group's spokesperson while working full time at a local hospice and, as a single mother, raises her children, all of whom attend school and college. If you know someone like Mapendo, visit http://www.volvoforlifeawards.com/ and share his or her story. When the nomination period closes this fall, the American public will be invited to vote for their favorite heroes online to decide the top three finalists in the categories of Safety, Quality of Life and Environment. This year, there is also a fourth Volvo for life Awards category. Volvo is elevating its annual Butterfly Award to its own youth hero category -- with a $25,000 prize -- and welcomes nominations for heroes 16 and under. A panel of distinguished judges will then select one winner for each of the four categories. A Grand Award Winner, selected from the Safety, Quality of Life and Environment categories, will be named "America's Greatest Hometown Hero" and will be presented with a new Volvo car every three years for the rest of his or her life at the annual Volvo for life Awards Ceremony in New York City, March 19, 2008. To learn more or to nominate a hero, visit http://www.volvoforlifeawards.com/. A Spanish version of the site can also be accessed at this address. First Call Analyst:
FCMN Contact:
Source: Volvo Cars of North America
CONTACT: Kim McMartin of Haberman & Associates, +1-612-372-6464,
kim@modernstorytellers.com, for Volvo Cars of North America Web site: http://www.volvocars.com/
http://www.volvoforlifeawards.com/ NOTE TO EDITORS: For photos and more information on the Volvo for life Awards: http://www.volvocars-pr.com and http://www.volvoforlifeawards.com. -------
Profile: automotive-news
posted by automotive-news # 9:12 AM
Asia Automotive Acquisition Corporation Enters Into an Agreement to Acquire Hunan TX Enterprise Co., Ltd.
Asia Automotive Acquisition Corporation Enters Into an Agreement to Acquire Hunan TX Enterprise Co., Ltd. NEW YORK, July 25 /PRNewswire-FirstCall/ -- Asia Automotive Acquisition Corporation (BULLETIN BOARD: AAAC) announced that it has executed an Equity Acquisition Agreement to acquire Hunan TX Enterprise Co., Ltd. ("TX"), an automotive supplier in China for cash. Based in Changsha, China, TX is the largest independent Chinese supplier of Engineered Vehicle Body Structures ("EVBS") capable of providing products for both light and commercial vehicles in addition to designing, fabricating and testing dies used to stamp automotive body panels. EVBS consists of exterior body panels including doors, floor pans, hoods, side panels, fenders. TX also manufactures complete cab structures for commercial vehicles. TX's components must meet exacting dimensions for fit and finish before they are assembled and finally painted. These capabilities enable TX to participate effectively in all sectors of the Chinese automotive market including light and commercial vehicles. The transaction is subject to customary closing conditions, including completion of the US GAAP audit, completion of all necessary documentation, approval of the shareholders of Asia Automotive Acquisition Corporation and the Changsha Ministry of Commerce. THE TRANSACTION The Equity Acquisition Agreement provides for AAAC to be renamed and redomesticated under the laws of the British Virgin Islands, under the name "TX International". At the time of closing of the Equity Acquisition Agreement, AAAC will merge with and into TX International for the purpose of redomestication out of the United States for greater corporate flexibility to structure the business of TX within China and effect acquisitions and reorganizations under Chinese law. Simultaneously with the redomestication merger, TX International will acquire all of the equity of TX, pursuant to existing Equity Acquisition Agreement, dated July 24, 2007. Following consummation of the Equity Acquisition Agreement and the redomestication merger, TX International Ltd. will continue as the surviving company. Pursuant to the redomestication merger, all of the AAAC common stock held by AAAC's stockholders will be converted into common stock in TX International on a one-to-one basis and the outstanding warrants issued by AAAC will be assumed by TX International. Under the Equity Acquisition Agreement, the TX Stockholders and their designees will be paid an aggregate of $13 million in cash for all the outstanding common stock of TX. Additionally, AAAC and TX have agreed, pursuant to the Equity Acquisition Agreement, subsequent to the close of the transaction that TX will cause Changsha Meihua Automobile Company Ltd. ("Meihua") to form a 50%/50% joint venture in China with TX International. Meihua is an original equipment manufacturer ("OEM") of buses for passenger mass transit and tourist applications in China. The joint venture will provide TX International entrance into the rapidly growing OEM bus segment and also provide for additional revenue opportunities for service parts. AAAC and TX anticipate executing a Key Employee Employment Agreement and Performance Earn-Out Agreement which will provide for retention and incentive bonuses pursuant to which it is anticipated that management will be issued 4.5 million shares of AAAC common stock. As a result, the total post-transaction primary shares outstanding will be approximately 10,880,250 and total warrants outstanding will be approximately 5,031,250. Additionally, the Company intends to grant management an additional 2.0 million shares of AAAC common stock, (on an all-or-none basis), if, on a consolidated basis TX International generates after-tax profits (excluding transaction and corporate costs) of at least $9.5 million for fiscal year 2007. The goal is to establish TX International as a leading global company in the rapidly growing automotive supply sector, focusing particularly on acquisition opportunities created by new applications of EVBS, the collision body panel aftermarket and the rapidly growing Chinese customer demand for EVBS. TX International will offer corporate finance, M&A, global marketing and sales and other support to TX as needed. About Asia Automotive Acquisition Corporation Asia Automotive Acquisition Corporation is a blank check company established on April 19, 2006 for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with a then unidentified operating business in the Asian automotive component supply industry. About TX TX, founded in 1984, is the largest independent supplier EVBS has built a substantial reputation within the Chinese automotive industry with proven management and a successful operating track record. TX will be well positioned to take advantage of the increasing demand for EVBS by the growing Chinese automotive industry. Safe Harbor. Certain statements in this press release constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. When used in this press release, words such as "will," "believe," "expect," "anticipate," "encouraged" and similar expressions, as they relate to the company or its management, as well as assumptions made by and information currently available to the company's management identify forward-looking statements. Additional information concerning forward-looking statements is contained under the heading of risk factors listed from time to time in the Asia Automotive Acquisition Corporation's filings with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information. CONTACT:
Rudy Wilson
Bill Herren
248-593-8330 Source: Asia Automotive Acquisition Corporation
CONTACT: Rudy Wilson or Bill Herren, both for Asia Automotive
Acquisition Corporation, +1-248-593-8330
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Profile: automotive-news
posted by automotive-news # 9:10 AM
Visteon Lights the Way for Redesigned Cadillac CTS
Visteon Lights the Way for Redesigned Cadillac CTS VAN BUREN TOWNSHIP, Mich., July 25, 2007 /PRNewswire/ -- Visteon Corporation (NYSE:VC) is supplying the 2008 Cadillac CTS with a highly stylized exterior lighting system that features one of the industry's first applications of LED-powered backup lights, as well as uniquely placed LED light pipes. This distinctive blend of lighting will debut on the new Cadillac in showrooms this summer. (Logo: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) The lighting system on the Cadillac CTS includes a front projector headlamp system featuring LED-powered light pipes and "ice cube" optics that give the vehicle a sophisticated and distinctive daytime look as well as nighttime look. The edge-marking light pipes allow drivers adjacent to the vehicle to more easily recognize the vehicle's edges, especially on the rear lighting system. These light pipes glow vertically along the edges of the CTS tail and head lights. This is the first application of a single-LED light pipe for these front and rear functions. The new CTS also sports one of the industry's first applications of LED-powered backup light. "It has been rewarding for the Visteon team to contribute to the design of the CTS in such a highly visible manner," said Julie Fream, vice president and general manager of Visteon's customer groups. "Visteon is leveraging its electronics and lighting expertise to support the customer in delivering a dynamic design with advanced technology. The new CTS is a beautiful automobile and we believe the exterior lighting is a key factor in the personality of this vehicle." As an optional feature, the Cadillac CTS adapts the headlamp beam to better illuminate the car's path by using Visteon's bi-functional High Intensity Discharge Advanced Front Lighting System. Visteon's advanced lighting system recognizes the driver's steering wheel position and moves the light pattern accordingly with the vehicle's intended direction, helping extend driver visibility even through curves. The bi-functional system delivers both high- and low-beam illumination from a single projector module, saving cost, weight and packaging space. Export models will also have a vertical light leveling feature. Visteon has developed intelligent and unique software algorithms that integrate headlamps seamlessly with the car's advanced electronics. The beams can swivel based on inputs from steering wheel and vehicle speed to precisely tailor the lighting pattern for the vehicle's approach to the road configurations. Both left and right headlamps swivel up to 15 degrees outboard and five degrees inboard - Visteon leads the industry with this combination of swivel ranges. This higher range is a major distinction for the Visteon/Cadillac system. Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 45,000 people. First Call Analyst:
FCMN Contact:
Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO PRN Photo Desk, photodesk@prnewswire.com
Source: Visteon Corporation
CONTACT: Melissa Andrade of Visteon Corporation, +1-734-710-5546,
mandrad7@visteon.com Web site: http://www.visteon.com/ NOTE TO EDITORS: Visteon news releases, photographs and product specification details are available at http://www.visteon.com
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Profile: automotive-news
posted by automotive-news # 9:04 AM
Vectrix Rolls Into the United States
Vectrix Rolls Into the United States World's first high-powered, zero emission vehicle begins deliveries and builds distribution network across the country NEWPORT, R.I., July 25 /PRNewswire/ -- Vectrix -- the world's first two- wheel zero emission vehicle (ZEV) designed to offer high performance -- has launched in the United States, beginning its first customer deliveries and establishing a distribution network across the country. (Photo: http://www.newscom.com/cgi-bin/prnh/20070725/NEW061 ) Vectrix is the first ZEV to offer performance and style along with a clean, efficient, electric motor. It was designed to provide reliable and affordable transportation for commuting and recreational needs, help relieve traffic congestion and pollution, and mitigate parking hassles and inflexible public transportation. See a video preview of Vectrix at http://www.myvectrix.com/vectrixexperience.html. "Once people see and ride Vectrix, they understand there's nothing else like it in the world," said Vectrix founder Andrew MacGowan. "Vectrix will revolutionize personal transportation." Vectrix: * Offers low running costs, minimal maintenance, simple operation and
low noise. * Reaches top speed of 62 mph and offers acceleration from 0-50 mph
in 6.8 seconds. * Has average range of 40-60 miles with a maximum range of 68 miles
on a single charge. * Weighs 462 pounds, has a 60-inch wheelbase and 30-inch seat height,
and seats two comfortably. Compared to traditional gasoline scooters that can produce up to 10 times the pollution of an average automobile, Vectrix is totally emissions free. It is virtually silent and highly efficient -- a patented regenerative braking system redirects energy back into the Vectrix battery pack, which helps to extend its range by up to 12 percent. The smart, sleek Vectrix has sophisticated design efficiencies that include a high-efficiency gearbox and drive train, aluminum construction for weight reduction and aerodynamic styling to reduce drag. Its low center of gravity, stiff frame and even weight distribution provide superior handling. For consumers with urban commutes, Vectrix is both convenient and cost effective. The driver can stop and go with one hand by simply twisting the throttle back for acceleration and twisting it forward to slow down smoothly and safely. Fast acceleration and handling make it easy and safe to zip in and out of traffic. Plus, an onboard charger plugs in to any standard 110/220V electrical outlet to charge the battery pack in just two hours. It's more cost effective than gas or hybrid vehicles, since electricity is now one-tenth the cost of gasoline, and the Vectrix Nickel Metal Hydride (NiMH) battery pack has an estimated life of up to 10 years based on 5,000 miles per year. Additional savings may be available from government rebates, local subsidies and exemptions from road tax, property tax, registration fees and inner-city congestion charges. The U.S. customer delivery of a Vectrix took place on July 18 in Lebanon, Pa., with additional deliveries taking place in across the country. The first Vectrix retail store is scheduled to open this summer in Newport. Vectrix can be ordered online at http://www.vectrix.com/ or through distributors in a growing number of U.S. cities and surrounding areas. Currently, distribution networks are in the mid-Atlantic region, including New York, New Jersey, Philadelphia, Delaware, Maryland and Washington, D.C., as well as Los Angeles, Austin, Seattle, Salt Lake City, San Francisco, Miami and West Palm Beach. Upcoming Vectrix events and appearances include: * July 28-29: Concours d'Elegance at the Newport Mansions in
Newport, R.I. * August 9: Vectrix Test Ride Event at the Presidio with British Motor
Car Distributors LTD (BMC) in San Francisco. * August 11-12: Vectrix Test Ride Event with The Green Car Company
in Seattle. * August 18: Vectrix Store Grand Opening in Newport, R.I. * August 25: 35th Annual Electric Car Rally & Show in Palo Alto, Calif. * September 28-29: AltWheels Alternative Transportation & Energy
Festival in Boston. About Vectrix Corporation
Vectrix Corporation was formed in 1996 to develop and commercialize zero emission vehicle platform technologies focused on two-wheel applications. The single focus of Vectrix has been to provide clean, efficient, reliable and affordable inner-city transportation. Vectrix USA is located in Newport, R.I., with an engineering and test facility in New Bedford, Mass. Vectrix Europe is based in Rome, Italy.
First Call Analyst:
FCMN Contact: Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070725/NEW061
AP Archive: http://photoarchive.ap.org/
AP PhotoExpress Network: PRN6
PRN Photo Desk, photodesk@prnewswire.com
Source: Vectrix Corporation
CONTACT: Gary Kimball, Kimball Communications, +1-610-559-7585,
gkimball@kimballcomm.com Web site: http://www.vectrix.com/
http://www.myvectrix.com/vectrixexperience.html
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Profile: automotive-news
posted by automotive-news # 8:37 AM
Wireless Downloading Now Available With Digital Ally's In-Car Video System
Wireless Downloading Now Available With Digital Ally's In-Car Video System Software Option Provides Hands-Free Method of Downloading Video Files LEAWOOD, Kan., July 25 /PRNewswire-FirstCall/ -- Digital Ally, Inc. (OTC Bulletin Board: DGLY), which develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial security applications, today announced that a wireless software file transfer option is now available for the Company's DVM-500 Digital In-Car Video System Integrated into a Rearview Mirror. The wireless feature can be installed in new units at the factory and/or retrofitted for existing DVM-500 systems already being used by law enforcement agencies. The wireless software option allows law enforcement officers that have computers in their vehicles to easily and inexpensively download video files to police headquarters or other remote locations. The video files can be transferred automatically upon successful connection to a wireless network. If the connection to the network is lost or the file transfer is interrupted, the files will be saved and the software will resume the transfer when the network connection is re-established. After the file transfer is completed and verified, the files will be automatically removed from the compact flash card in the DVM-500 and automatically uploaded into Digital Ally's Video Manager Software. "This exciting new option will allow us to capture a segment of the market unavailable to the Company in the past," stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc. "The ability for law enforcement personnel to access, analyze and respond to digital video evidence can make the difference between success and failure in the prosecution of criminal activity. Many police/sheriff departments and other law enforcement agencies that currently have access to wireless networks, or will be establishing such networks soon, have indicated a desire for in-car video systems with wireless download capabilities." "This new feature allows the DVM-500 In-Car Video System to automatically download all recorded files once the vehicle enters a wireless 'hotspot' area," added Ross. "This option is available to all current customers and to new customers. Our DVM-500, which occupies minimal space in a police cruiser by incorporating the entire system into a rearview mirror, has proven extremely popular with law enforcement agencies. Our goal is to address as many law enforcement needs as possible with the DVM-500, and a wireless download feature is the option most frequently requested by our customers." For more information on the wireless download option, contact Digital Ally, Inc. at (800) 440-4947 or via email at sales@digitalallyinc.com About Digital Ally, Inc. Digital Ally, Inc. is involved in the development, manufacturing and marketing of advanced technology products for law enforcement, homeland security and commercial security applications. The Company's primary development focus involves the field of Digital Video Imaging and Storage. For additional information, visit www.digitalallyinc.com The Company is headquartered in Leawood, Kansas, and its shares are traded on the OTC Bulletin Board under the symbol "DGLY". This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the Company's ability to raise sufficient capital to implement its business plan; its ability to have all of its product offerings perform as planned or advertised; whether there will be a commercial market for one or more of its products; its ability to commercialize its products and production processes, increase revenues significantly and achieve profitability; whether the Company will be able to adapt its technology to new and different uses, including being able to introduce new products; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; its ability to obtain patent protection on any of its products and, if obtained, to defend such intellectual property rights; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures. The Company cannot always predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. For Additional Information, Please Contact: Stanton E. Ross, CEO at (913) 814-7774
or
RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or
via email at info@rjfalkner.com. First Call Analyst:
FCMN Contact:
Source: Digital Ally, Inc.
CONTACT: Stanton E. Ross, CEO of Digital Ally, Inc., +1-913-814-7774; or
RJ Falkner & Company, Inc., Investor Relations Counsel, +1-830-693-4400,
info@rjfalkner.com, for Digital Ally, Inc. Web site: http://www.digitalallyinc.com/
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Profile: automotive-news
posted by automotive-news # 8:34 AM
Gorman Joins Coherix as Automotive Business Director
Gorman Joins Coherix as Automotive Business Director ANN ARBOR, Mich., July 25 /PRNewswire/ -- L. Lee Gorman has been named director of the automotive business unit at Coherix, an Ann Arbor-based high- tech supplier of next-generation holographic and optical inspection systems to measure production and component quality in the automotive, aerospace, electronics, medical supply and semiconductor industries, according to Dwight Carlson, the company's founder and CEO. Prior to joining Coherix, Gorman was a principal at Barton Consulting Services in Ann Arbor. She previously held various key management positions at Ford Motor Company, including director of SUV product planning; chief engineer -- full-size passenger cars; manager -- truck powertrain planning, and planning manager for casting operations. A native of Wellesley, Mass., she began her business career at Ford as a financial analyst in 1979. Gorman went on to work at Allied-Signal Automotive, where she served as a marketing manager and later as manager of strategic planning. Before returning to Ford in 1989, she also worked as a consultant with the Carroll Group in Ann Arbor. Gorman holds bachelor's and master's degrees in business administration from the University of Michigan's Ross School of Business in Ann Arbor. She also has a bachelor's degree in mechanical engineering from Lawrence Technological University in Southfield, Michigan. She is married and lives in Ann Arbor. Coherix provides holographic and optical-based measurement and inspection products to customers in the automotive, aerospace, medical supply and semiconductor industries. "Where a micron matters," Coherix enables its customers to shorten the launch of new products; eliminate launch delays and work stoppages; rapidly start up new machinery lines; empower the employees to take immediate corrective action by making process performance visible; reduce scrap and lower warranty costs. Its ShaPix(R) and I-Cite(R) products are in operation around the world and perform everyday for companies such as GM, Ford, DaimlerChrysler, Bosch and TRW, as well as multiple semiconductor manufacturers in Asia. The company is headquartered in Ann Arbor, Mich., and has an Asia subsidiary (Coherix Asia) based in Singapore.
Source: Coherix EG
CONTACT: Norma Regan of Coherix EG, +1-734-276-2649, normar@coherix.com;
or Media, Jen Howell, +1-248-647-8621, jhowell@usautocom.com, or Larry Weis,
+1-248-647-8621, lweis@usautocom.com, both of AutoCom Associates for Coherix
EG NOTE TO EDITORS: High-resolution photo of Lee Gorman is available upon request. -------
Profile: automotive-news
posted by automotive-news # 8:33 AM
Consumers And Businesses Must Brace Themselves For Higher Parking Rates, According To Colliers International's 2007 Parking Survey
Consumers And Businesses Must Brace Themselves For Higher Parking Rates, According To Colliers International's 2007 Parking Survey BOSTON, July 25 /PRNewswire/ -- Parking costs have increased nationwide for the fourth year in a row, mirroring rising demand and a dearth of supply in the U.S, Canada and around the world, according to the seventh annual Parking Rate survey from Colliers International, a leading global real estate services company. Leading the U.S. was Midtown Manhattan, whose median rate was a remarkable $630.00 per month to park. However, this masks the Midtown high, which now registers $925.00 per month. With 51 U.S. markets and ten Canadian markets under study, Colliers' survey shows that over the past 12 months, the cost of parking has increased by 4.4 percent (monthly rates) in the U.S., in response to ongoing demand and little new construction. Daily rates also moved higher, although not as much as monthly - increasing 3.2 percent over the past year. This suggests that the slowdown in consumer spending coupled with modest job gains had a cooling effect on parking rates. However, as the economy is anticipated to improve, and only a small amount of new parking supply is slated to come on-line, an increase in demand is expected to push rates even higher over the next year. Although North American cities such as New York and San Francisco look very expensive, parking prices here actually pale in comparison to typical monthly rates in cities such as London, Tokyo, Sydney and Hong Kong. U.S. Rates Rates for monthly parking inched higher over the past year, rising 3.5 percent in the U.S. The median monthly parking rate now averages $152.38 per month. Rates range from a high of $925.00 in midtown Manhattan to a low of $20.00 in Memphis, Tennessee. Daily parking rates, as noted, rose 2.9 percent in the U.S. The median rate for daily parking now averages $15.38. Median hourly parking rates average $4.80 per hour, with a range of $2.71 to $7.89. For meter parking, hourly rates came in lower, with median meter rates averaging $1.65, with a range of $1.13 to $2.21. The five most expensive parking districts in the U.S. are (median monthly rates): * Midtown Manhattan -- $630.00 per month
* Downtown Manhattan - $500.00 per month
* Boston -- $460.00 per month
* San Francisco -- $350.00 per month
* Philadelphia -- $297.50 per month The five least expensive parking districts in the U.S. are (median monthly rates): * Phoenix -- $35.00 per month
* Bakersfield, CA -- $45.00 per month
* Reno, NV -- $45.00 per month
* Fresno, CA -- $50.00 per month
* Santa Rosa, CA -- $55.00 per month "In our seventh year tracking the parking sector, we observe a direct correlation between the rising cost of monthly parking and the ongoing strength of the office market," remarked Ross Moore, Senior Vice President and Director of Market & Economic Research at Colliers International. "As businesses occupy more office space, parking inventory in CBDs nationwide is becoming increasingly tight. This dearth of parking coupled with spiking fuel prices adds yet another headache for commuters." U.S. Inventory Building on 2006's tight supply, 19.1 percent of U.S. garages polled by Colliers reported having a waiting list - and the average wait time was 4.9 months for a space, compared with 3.4 months a year ago. Some relief may be on the way, however, with 43 percent of cities polled indicating that new garages will be constructed over the next 24 months. Indeed, only 16 cities have ordinances in place restricting parking garage development - leaving the vast majority with no such restrictions on new construction. Canada Rates for monthly parking in Canada have also increased during the past 12 months, rising 8.1 percent. The median rate for parking now averages C$205.75 per month. Canadian daily parking rates increased 7.4 percent during the same 12-month period, and the median rate for daily parking now averages C$14.23. The five most expensive parking districts in Canada are (median monthly rates): * Calgary - C$350.00 per month
* Toronto - C$302.00 per month
* Montreal - C$262.00 per month
* Vancouver - C$209.00 per month
* Ottawa - C$195.00 per month Global
Parking rates in cities around the world make even priciest U.S and Canadian cities seem reasonable.
Typical parking rates (Daily / Monthly, in U.S. dollars):
* London, City -- $63.68 per day / $1198.00 per month
* London, West End -- $63.68 per day / $1162.00 per month
* Tokyo -- $84.20 per day / $702.00 per month
* Sydney -- $45.83 per day / $688.00 per month
* Hong Kong -- $25.75 per day / $682.00 per month
* Midtown Manhattan -- $42 per day / $630.00 per month
* Moscow -- $50.00 per day / $620.00 per month
* Zurich -- $32.00 per day / $487.00 per month
* Paris -- $36.45 per day / $324.00 per month
* Munich -- $27.00 per day / $314.00 per month
* Toronto -- $20.00 per day / $301.85 per month
* Frankfurt -- $20.00 per day / $257.00 per month Colliers International's survey was conducted in June and covered a broad selection of 61 metropolitan areas in North America, as well as select cities in Europe and Asia. About Colliers Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,171 employees span the world in 266 offices in 56 countries. On a worldwide basis, Colliers manages 828,815,406 square feet, and has revenue of US $1,639,468,109. For more information, visit www.colliers.com. DAILY
PARKING MONTHLY
UNITED STATES RATE - PARKING RATE
MARKET MEDIAN - MEDIAN
U.S. $ U.S. $ Atlanta, GA 10.00 90.00
Bakersfield, CA 6.50 45.00
Baltimore, MD 15.00 150.00
Boise, ID 12.00 79.00
Boston, MA 33.00 460.00
Charleston, SC 10.00 200.00
Charlotte, NC 15.00 115.00
Chicago, IL 25.25 285.00
Cincinnati, OH 8.00 100.00
Cleveland, OH 8.75 142.50
Columbia, SC 10.00 67.00
Columbus, OH 9.00 95.00
Dallas, TX 10.00 85.00
Denver, CO 16.00 150.00
Fresno, CA 7.00 50.00
Ft. Lauderdale, FL 14.00 70.00
Greenville, SC 6.00 57.50
Hartford, CT 19.50 195.00
Honolulu, HI 32.00 209.42
Houston, TX 14.00 175.00
Indianapolis, IN 9.50 100.00
Jacksonville, FL 13.00 110.00
Kansas City, MO 11.00 100.00
Las Vegas, NV N/A 65.00
Little Rock, AK 6.00 60.00
Los Angeles, CA 25.00 192.00
Memphis, TN 6.00 57.00
Miami, FL 14.75 105.00
Milwaukee, WI 11.50 115.00
Minneapolis, MN 12.50 179.00
Nashville, TN 11.00 100.00
New York, NY - Downtown 34.00 500.00
New York, NY - Midtown 42.00 630.00
Oakland, CA 20.00 177.50
Orlando, FL 13.00 85.00
Philadelphia, PA 21.75 297.50
Phoenix, AZ 8.00 35.00
Portland, OR 12.00 170.00
Raleigh, NC 15.00 87.50
Reno, NV 15.00 45.00
Sacramento, CA 18.00 205.00
San Diego, CA 22.00 170.00
San Francisco, CA 27.00 350.00
San Jose/Silicon Valley, CA 18.75 87.50
Santa Rosa, CA 7.50 55.00
Seattle, WA 25.00 275.00
St. Louis, MO 12.00 105.00
Tampa, FL 12.25 115.00
Walnut Creek, CA 23.00 65.00
Washington, DC 14.00 240.00
West Palm Beach, FL 7.50 73.00
2007 AVERAGE 15.38 152.38
DAILY MONTHLY
PARKING RATE PARKING RATE
CANADA MARKET - MEDIAN - MEDIAN
CAD CAD
Calgary, AB 20.00 350.00
Edmonton, AB 14.00 160.00
Halifax, NS 14.00 150.00
Montreal, QC 15.00 262.09
Ottawa, ON 17.00 195.00
Regina, SK 6.75 125.00
Saskatoon, SK 6.00 124.55
Toronto, ON 20.00 301.85
Vancouver, BC 17.50 209.05
Victoria, BC 12.00 180.00
2007 AVERAGE 14.23 205.75
First Call Analyst:
FCMN Contact:
Source: Colliers International
CONTACT: Kristin Sadlon of Porter Novelli, +1-212-601-8192,
ksadlon@porternovelli.com, for Colliers International
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Profile: automotive-news
posted by automotive-news # 8:32 AM
Chrysler Group to Install Sirius Satellite Radio in More Than 70% of Its Vehicles
Chrysler Group to Install Sirius Satellite Radio in More Than 70% of Its Vehicles NEW YORK, July 25 /PRNewswire-FirstCall/ -- SIRIUS Satellite Radio (NASDAQ:SIRI) today announced that Chrysler Group expects to install SIRIUS Satellite Radio in more than 70% of its vehicle production for the 2008 model year. This marks an increase from approximately 40% for the previous model year. (Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125) For 2008 models, SIRIUS will be included as a standard feature in premium and mid-level price classes on most Chrysler, Dodge and Jeep models. Additionally, SIRIUS will be a 100% standard feature on Chrysler Sebring and Aspen, the all-new Dodge Challenger and Nitro, and the Jeep Grand Cherokee and Commander. Chrysler Group includes one year of SIRIUS service with each new vehicle. SIRIUS Satellite Radio is pre-activated, so customers can begin listening to SIRIUS immediately upon taking delivery of their new vehicles. "SIRIUS Satellite Radio is an entertainment feature our customers clearly enjoy and are demanding more and more," said Christine MacKenzie, Executive Director -- Multi-brand Marketing and Agency Relations, Chrysler Group. "We are pleased to enhance our customers' driving and ownership experience by offering SIRIUS entertainment and technology throughout the Chrysler, Jeep and Dodge vehicle portfolio." "We are excited about the growth of SIRIUS with Chrysler Group and its customers," said Mel Karmazin, CEO of SIRIUS. "We are very proud that SIRIUS is featured in high volume in Chrysler, Jeep and Dodge vehicles, and we look forward to continued mutual success with our partners at Chrysler Group." About SIRIUS SIRIUS, "The Best Radio on Radio," delivers more than 130 channels of the best programming in all of radio. SIRIUS is the original and only home of 100% commercial free music channels in satellite radio, offering 69 music channels. SIRIUS also delivers 65 channels of sports, news, talk, entertainment, traffic, weather and data. SIRIUS is the Official Satellite Radio Partner of the NFL, NASCAR and NBA, and broadcasts live play-by-play games of the NFL and NBA, as well as live NASCAR races. All SIRIUS programming is available for a monthly subscription fee of only $12.95. SIRIUS Internet Radio (SIR) is a CD-quality, Internet-only version of the SIRIUS radio service, without the use of a radio, for the monthly subscription fee of $12.95. SIR delivers more than 75 channels of talk, entertainment, sports, and 100% commercial free music. SIRIUS products for the car, truck, home, RV and boat are available in more than 25,000 retail locations, including Best Buy, Circuit City, Crutchfield, Costco, Target, Wal-Mart, Sam's Club, RadioShack and at shop.sirius.com. SIRIUS radios are offered in vehicles from Audi, Bentley, BMW, Chrysler, Dodge, Ford, Infiniti, Jaguar, Jeep(R), Land Rover, Lexus, Lincoln, Mercury, Maybach, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Rolls Royce, Scion, Toyota, Volkswagen, and Volvo. Hertz also offers SIRIUS in its rental cars at major locations around the country. Click on www.sirius.com to listen to SIRIUS live, or to purchase a SIRIUS radio and subscription. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission. Among the significant factors that could cause our actual results to differ materially from those expressed are: our pending merger with XM Satellite Radio Holdings, Inc. ("XM"), including related uncertainties and risks and the impact on our business if the merger is not completed; any events which affect the useful life of our satellites; our dependence upon third parties, including manufacturers of SIRIUS radios, retailers, automakers and programming providers; and our competitive position versus other audio entertainment providers. O-SIRI MEDIA CONTACT:
Sal Resendez
SIRIUS
646 313 2405
sresendez@siriusradio.com FCMN Contact: SResendez@siriusradio.com Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: SIRIUS
CONTACT: Sal Resendez of SIRIUS, +1-646-313-2405,
sresendez@siriusradio.com Web site: http://www.sirius.com/
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Profile: automotive-news
posted by automotive-news # 8:12 AM
Score One to Benefit from China's Booming Auto Parts Industry
Score One to Benefit from China's Booming Auto Parts Industry HONG KONG, July 25 /Xinhua-PRNewswire-FirstCall/ -- Score One Inc. (BULLETIN BOARD: SREA) announced today that according to a recently published China Auto Parts Industry Report, 2007 (publisher: Research InChina), the revenue of China's auto parts industry amounted to RMB527 billion (or approximately US$68 billion) in year 2006, an increase of 34.71% for a year-on-year basis. Also, according to a separate article published by Keith Bradsher of the New York Times on June 7, 2007, ''China's auto parts exports have increased more than six fold in the last five years, nearly topping US$1 billion in April and emerging as one of the fastest-growing categories of Chinese industrial products sold overseas. More than half of these auto parts go to the United States; most of the rest to Europe and Japan.'' ''With the potential cooperation with Xian Bohua Machinery Electronic Co. Ltd. ( http://www.xabohua.com.cn/ ) to build a first China 'Motown in Dalian,' we are in the right position to capitalize on the booming auto parts industry,'' delighted by Ms. Hoi-ho Kiu, Chairman and CEO of Score One, Inc. ''We believe that this China Motown will create tremendous business opportunities as well as economic rewards for domestic and international auto parts and peripherals manufactures,'' she furthered. ''We look forward to finalize our cooperation with Xian Bohua in the coming weeks.'' About Xian Bohua Machinery Electronic Co. Ltd. With over 100 well trained and experienced staff, Xian Bohua is an expert in developing and manufacturing antilock brake system (ABS) in China. It supplies its ABS to over 100 vehicle models with an annual capacity exceeding 200,000 pieces. About Score One Inc. Score One Inc. is a comprehensive investment service group and the parent company of RC Capital Limited, a Hong Kong based corporation which business includes financial consultation, investment and financial planning, enterprise re-organization, public offering consultation, and direct investment. Recreation Town is a piece of undeveloped land located in the peninsula in Dalian, the PRC with a current market value exceeding $75 million. Safe Harbor Information in this news release or on this website may contain statements about future expectations, plans, prospects or performance of Score One Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be,'' "expects,'' "may affect,'' "believed,'' "estimate,'' "project,'' and similar words and phrases are intended to identify such forward-looking statements. Score One Inc. cautions you that any forward-looking information provided by or on behalf of Score One Inc. is not a guarantee of future performance. None of the information on this website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in this website. Score One Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Score One Inc.'s control. In addition to those discussed in Score One Inc.'s press releases, public filings, and statements by Score One Inc.'s management, including, but not limited to, Score One Inc.'s estimate of the sufficiency of its existing capital resources, Score One Inc.'s ability to raise additional capital to fund future operations, Score One Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Score One Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Score One Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. For more information, please contact: Investors Relation Officer
Tel: +852-2251-8831
Fax: +852-2251-8830
Email: rccapitalltd@hottdesk.com
Source: Score One Inc.
CONTACT: Investors Relation Officer of Score One, +852-2251-8831, or fax,
+852-2251-8830, or rccapitalltd@hottdesk.com
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Profile: automotive-news
posted by automotive-news # 8:10 AM
Aston Martin to Offer Sirius Satellite Radio as Factory Installed Equipment With a Lifetime Subscription
Aston Martin to Offer Sirius Satellite Radio as Factory Installed Equipment With a Lifetime Subscription NEW YORK, July 25 /PRNewswire-FirstCall/ -- Aston Martin and SIRIUS Satellite Radio (NASDAQ:SIRI) today announced that SIRIUS will be available as factory installed equipment with a lifetime subscription on the Aston Martin V8 Vantage and DB9 vehicle lines. The new models will become available at U.S. dealerships in August 2007. The luxury automaker also plans to offer SIRIUS on all models in the near future. (Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125) "A great sound system is a prerequisite in a luxury car, and over 130 channels of SIRIUS with a lifetime subscription round out this package. SIRIUS' superior programming is sure to delight Aston Martin customers" said John Walton, Vice President & General Manager of Aston Martin North America. "Aston Martin's Linn Audio System combined with SIRIUS, The Best Radio on Radio, will provide Aston Martin customers with a rich and luxurious driving experience," said Mel Karmazin, Chief Executive Officer of SIRIUS. About SIRIUS SIRIUS, "The Best Radio on Radio," delivers more than 130 channels of the best programming in all of radio. SIRIUS is the original and only home of 100% commercial free music channels in satellite radio, offering 69 music channels. SIRIUS also delivers 65 channels of sports, news, talk, entertainment, traffic, weather and data. SIRIUS is the Official Satellite Radio Partner of the NFL, NASCAR and NBA, and broadcasts live play-by-play games of the NFL and NBA, as well as live NASCAR races. All SIRIUS programming is available for a monthly subscription fee of only $12.95. SIRIUS Internet Radio (SIR) is a CD-quality, Internet-only version of the SIRIUS radio service, without the use of a radio, for the monthly subscription fee of $12.95. SIR delivers more than 75 channels of talk, entertainment, sports, and 100% commercial free music. SIRIUS products for the car, truck, home, RV and boat are available in more than 25,000 retail locations, including Best Buy, Circuit City, Crutchfield, Costco, Target, Wal-Mart, Sam's Club, RadioShack and at shop.sirius.com. SIRIUS radios are offered in vehicles from Audi, Bentley, BMW, Chrysler, Dodge, Ford, Infiniti, Jaguar, Jeep(R), Land Rover, Lexus, Lincoln, Mercury, Maybach, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Rolls Royce, Scion, Toyota, Volkswagen, and Volvo. Hertz also offers SIRIUS in its rental cars at major locations around the country. Click on www.sirius.com to listen to SIRIUS live, or to purchase a SIRIUS radio and subscription. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission. Among the significant factors that could cause our actual results to differ materially from those expressed are: our pending merger with XM Satellite Radio Holdings, Inc. ("XM"), including related uncertainties and risks and the impact on our business if the merger is not completed; any events which affect the useful life of our satellites; our dependence upon third parties, including manufacturers of SIRIUS radios, retailers, automakers and programming providers; and our competitive position versus other audio entertainment providers. O-SIRI MEDIA CONTACT:
Sal Resendez
SIRIUS
646 313 2405
sresendez@siriusradio.com FCMN Contact: SResendez@siriusradio.com Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: SIRIUS
CONTACT: Sal Resendez of SIRIUS, +1-646-313-2405,
sresendez@siriusradio.com Web site: http://www.sirius.com/
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Profile: automotive-news
posted by automotive-news # 8:09 AM
Huntsman Acquires Global Fluorochemical Product Line for Nonwovens from DuPont
Huntsman Acquires Global Fluorochemical Product Line for Nonwovens from DuPont BASEL, Switzerland, July 25 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE:HUN) today announced that its Textiles Effects business has signed an agreement to acquire DuPont's global fluorochemical business for the nonwovens industry. The DuPont(TM) Zonyl(R) fluorochemical product line is used on nonwovens as effective repellents for water, alcohol and oil based fluids. Nonwoven textiles are primarily used in medical, filtration, automotive and construction applications. Following a brief transition period to ensure a smooth handover and uninterrupted supply, Huntsman will assume responsibility for all future activities related to the business. The transaction with DuPont includes a long-term supply agreement for finished products and intermediates, but does not include the transfer of DuPont employees or the sale of DuPont manufacturing assets. The parties also entered into a joint development agreement to bring new innovations to the nonwovens marketplace. "We are delighted with this transaction, as we believe that DuPont's technology and product stewardship, with its focus on sustainability, will significantly enhance our product offering in the technical textile market, which is strategically important for our Textile Effects business," said Paul Hulme, President of Huntsman's Materials and Effects division. "The addition of this product line will further strengthen our ability to provide innovative products and complementary effects in the nonwovens segment." Financial details of the transaction were not disclosed. Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 14,000 employees and over 75 operations in 24 countries. The Company had 2006 revenues from all operations of over $13 billion. DuPont is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation. Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the Huntsman companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. In addition, the completion of any transactions described in this release is subject to a number of uncertainties and to negotiation and execution of definitive agreements among the parties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws. First Call Analyst:
FCMN Contact:
Source: Huntsman Corporation
CONTACT: Guy Wolff, for Huntsman Corporation, +41-61-966-4146, Cell,
+41-79-593-9186 Web site: http://www.huntsman.com/
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Profile: automotive-news
posted by automotive-news # 8:05 AM
Formula 1 season!
Formula 1 season! Faces - Admittedly the glitz and glamour associated with the tiny principality are still hard to ignore, but Monaco does have a lot more to offer than just gambling and Formula One racing. The Place du Palais, Monaco''s cultural heart, leads onto the BMW Sauber�s Kubica Hopes To Race At Indypressbox.co.uk - Robert Kubica, the first Polish Formula One racing driver, intimated his desire to race at Indianapolis this weekend. After a horrific crash in Montreal in which it was suspected he had a broken leg, Kubica is still aiming to race at the upcoming U.S 101 things all sports fans must experience before they dieESPN.com - The former Grand Prix course was closed to Formula One racing for decades before returning this year (too dangerous) but it's open to the public to drive at speeds of up to 150 miles per hour. Just promise one thing: That you won't attempt this until Construction of Abu Dhabi circuit already well underwayFormula 1 - In a first for Formula One racing, the challenging circuit by renowned circuit designer Hermann Tilke combines a non-permanent section that will deliver all the drama of a street circuit with a high-speed permanent race track that incorporates a News Blog: Posts tagged LenovoCNET News - The Formula One racing team Lenovo co-sponsors with AT&T is using the T61p as part of the company's campaign to demonstrate the T61p's engineering computing power and robustness. While Lenovo has been rolling out these features individually on its Executives face challenges in post-scandal worldCNN - The company sponsored and gave away drink samples at extreme sports, Formula One racing and other events. But history is rife with examples of once high-flying firms suddenly sullied by indictments or news stories profiling unethical actions. Cost a factor in GP night decisionNine MSN - to see how well we can benefit from the event and what kind of development it can bring to motorsport in the country," said the Malaysian minister Azalina Othman Said. "Ultimately our dream is to see more Malaysian F1 drivers in Formula One racing." Diversifying the motor sports industryIndianapolis Recorder - The first Black driver to compete in Formula One racing, many believe that Hamilton will do for racing what Tiger Woods did for golfing Ð attract African-Americans. Hamilton on the other hand just wants to create his own lane using his own name. Third time lucky - the Winkelhock name returnsFormula 1 - The news that Spyker reserve driver Markus Winkelhock will occupy the team’s vacant race seat at the European Grand Prix this weekend heralds the return of one of Germany’s most famous racing names to Formula One racing. Following in the
posted by automotive-news # 7:15 AM
Honda Motor Co., Ltd. Reports Consolidated Financial Results for the Fiscal First Quarter Ended June 30, 2007
Honda Motor Co., Ltd. Reports Consolidated Financial Results for the Fiscal First Quarter Ended June 30, 2007 TOKYO, July 25 /PRNewswire-FirstCall/ -- Honda Motor Co., Ltd. (NYSE:HMC) today announced its consolidated financial results for the fiscal first quarter ended June 30, 2007. First Quarter Results Honda's consolidated net income for the fiscal first quarter ended June 30, 2007 totaled JPY 166.1 billion (USD 1,348 million), an increase of 15.8% from the corresponding period in 2006. Basic net income per Common share for the quarter amounted to JPY 91.38 (USD 0.74), an increase of 16.5% compared to JPY 78.46 for the corresponding period in 2006. One of Honda's American Depository Shares represents one Common Share. Consolidated net sales and other operating revenue (herein referred to as "revenue") for the quarter amounted to JPY 2,931.1 billion (USD 23,780 million), an increase of 12.7% from the corresponding period in 2006. This increase in consolidated net sales and other operating revenue was primarily due to the increased unit sales in automobile business and the positive impact of the currency effects caused by the depreciation of the Japanese yen. Honda estimates that if calculated at the same exchange rate as the corresponding period in 2006, revenue for the quarter would have increased by approximately 5.9%. Consolidated operating income for the quarter totaled JPY 221.6 billion (USD 1,799 million), an increase of 8.9% compared to the corresponding period in 2006. This increase in operating income was primarily due to the increased profit attributable to higher revenue, continuing cost reduction effects and the positive impact of the currency effects caused by the depreciation of the Japanese yen which offset the negative impact of the increased sales incentives in North America, substantially increased raw material costs and the increased depreciation expenses, SG&A expenses and R&D expenses. Consolidated income before income taxes, minority interest and equity in income of affiliates for the quarter totaled JPY 218.2 billion (USD 1,771 million), an increase of 14.1% from the corresponding period in 2006. Equity in income of affiliates amounted to JPY 37.0 billion (USD 300 million) for the quarter, an increase of 22.6% from the corresponding period in 2006, due mainly to the increased income from Honda's affiliates accounted for under the equity method in China. Business Segment With respect to Honda's sales for the fiscal first quarter by business segment, unit sales of motorcycles totaled 2,253 thousand units, which was a decrease of 5.3% from the corresponding period in 2006. Unit sales in Japan was 84 thousand units, a decrease of 5.6% from the corresponding period in 2006. Overseas unit sales was 2,169 thousand units, a decrease of 5.3% from the corresponding period in 2006, due mainly to the decreased unit sales of parts for local production at Honda's affiliates accounted for under the equity method in Asia, offsetting the positive impact of increased unit sales in other regions especially in Latin America. Revenue from external customers increased 18.8%, to JPY 368.3 billion (USD 2,988 million) from the corresponding period in 2006, due mainly to the positive impact of the currency translation effects, offsetting the negative impact of decreased unit sales. Operating income increased by 137.1% to JPY 31.1 billion (USD 253 million) from the corresponding period in 2006, due mainly to the positive impact of the currency effects caused by the depreciation of the Japanese yen, offsetting the negative impact of the increased SG&A expenses and the increased R&D expenses. Honda's unit sales of automobiles was 946 thousand units, increased by 5.6% from the corresponding period in 2006. In Japan, unit sales was 136 thousand units, a decrease of 12.8% from the corresponding period in 2006. Overseas unit sales increased 9.5% to 810 thousand units from the corresponding period in 2006, due to the increased unit sales of CR-V in North America, Europe, Asia, the increased unit sales in other regions, and the increased unit sales of parts for local production at Honda's affiliates accounted for under the equity method in China. Revenue from external customers increased 11.1% to JPY 2,327.2 billion (USD 18,881 million) from the corresponding period in 2006, due mainly to the increased unit sales and the positive impact of the currency translation effects. Operating income decreased 1.2% to JPY 148.3 billion (USD 1,203 million) from the corresponding period in 2006, due mainly to the substantially increased raw material costs, the increased depreciation expenses, the increased sales incentives mainly in North America, the increased SG&A expenses and the increased R&D expenses, offsetting the positive impact of the increased profit attributable to higher revenue, continuing cost reduction effects and the currency effects caused by the depreciation of the Japanese yen. Revenue from unaffiliated customers in financial services business increased 39.9% to JPY 125.8 billion (USD 1,021 million) from the corresponding period in 2006, due mainly to the increased sales of automobile business in North America, the positive impact of the currency translation effects and the increased operating lease revenues. Operating income increased 16.9% to JPY 34.2 billion (USD 278 million) from the corresponding period in 2006, due primarily to higher revenue and the positive impact of the currency effects caused by the depreciation of the Japanese yen, which offset the increased SG&A expenses. Honda's unit sales of power products was 1,529 thousand units, a decrease of 11.3% from the corresponding period in 2006. In Japan, unit sales totaled 135 thousand units, a decrease of 1.5% from the corresponding period in 2006. Overseas unit sales was 1,394 thousand units, a decrease of 12.2% from the corresponding period in 2006, mainly due to decreased unit sales of engines in North America, offsetting the positive impact of increased sales of general purpose engines in Asia. Revenue from external customers in power product and other businesses increased by 5.5% to JPY 109.7 billion (USD 890 million) from the corresponding period in 2006, due mainly to the positive impact of the currency translation effects. Operating income decreased 27.6% to JPY 7.9 billion (USD 65 million) from the corresponding period in 2006. This was primarily due to the increased SG&A expenses and the increased R&D expenses, offsetting the positive impact of the currency effects caused by the depreciation of the Japanese yen. Geographical Information With respect to Honda's sales for the fiscal first quarter by geographic areas, in Japan, revenue for domestic and exports sales was JPY 1,176.2 billion (USD 9,543 million), up by 6.0% compared to the corresponding period in 2006, due primarily to the increased revenue from exports in automobile business and the positive impact of the currency effects caused by the depreciation of the Japanese yen, which offset the negative impact of a decrease of unit sales in Japan. Operating income was JPY 60.6 billion (USD 492 million), up by 23.9% from the corresponding period in 2006, due primarily to the increased profit attributable to higher revenue, continuing cost reduction effects and the positive impact of the currency effects caused by the depreciation of the Japanese yen, offsetting the substantially increased raw material costs, the increased SG&A expenses and the increased R&D expenses. In North America, revenue increased by 7.9% to JPY 1,583.3 billion (USD 12,845 million) from the corresponding period in 2006, due mainly to the increased unit sales in automobile business and the positive impact of the currency translation effects. Operating income decreased by 15.3% to JPY 97.0 billion (USD 787 million) from the corresponding period in 2006, due primarily to the substantially increased raw material costs and the increased sales incentives in automobile business, which offset the positive impact of the increased profit attributable to higher revenue in automobile and financial services businesses, continuing cost reduction effects and the currency effects caused by the depreciation of the Japanese yen. In Europe, revenue increased by 23.1% to JPY 400.2 billion (USD 3,247 million), from the corresponding period in 2006, due primarily to the increased unit sales in automobile business and the positive impact of the currency translation effects. Operating income increased by 59.8% to JPY 10.3 billion (USD 84 million) from the corresponding period in 2006, due primarily to the increased profit attributable to higher revenue, continuing cost reduction effects and the positive impact of the currency effects caused by the depreciation of the Japanese yen, which offset the negative impact of the change in model mix and the increased SG&A expenses. In Asia, revenue increased by 36.8% to JPY 393.3 billion (USD 3,191 million) from the corresponding period in 2006, due primarily to the increased unit sales in automobile business and the positive impact of the currency translation effects. Operating income increased by 90.2% to JPY 36.9 billion (USD 300 million) from the corresponding period in 2006, due mainly to the increased profit attributable to higher revenue and the positive impact of the currency effects caused by the depreciation of the Japanese yen, which offset the negative impact of the increased SG&A expenses. In Asia, in addition to subsidiaries, many affiliates accounted for under the equity method manufacture and sell Honda-brand products. Accounting terms of some of the affiliates differ from the Company's. Operating income does not include income from these affiliates. Income from these affiliates is recorded as equity in income of affiliates and reflected in net income. In other regions, revenue increased by 27.9% to JPY 226.3 billion (USD 1,836 million) compared to the corresponding period in 2006, due mainly to the increased unit sales in all of the business segments and the positive impact of the currency translation effects. Operating income increased by 42.8% to JPY 21.7 billion (USD 176 million) from the corresponding period in 2006, due mainly to the increased profit attributable to higher revenue and the positive impact of the currency effects caused by the depreciation of the Japanese yen, offsetting the negative impact of the increased SG&A expenses. Forecasts for Fiscal Year Ending March 31, 2008 In regard to the forecasts of the financial results for the fiscal year ending March 31, 2008, Honda projects consolidated results to be as shown below: Forecasts for Consolidated Results for the Fiscal Year ending
March 31, 2008
First half ending September 30, 2007 Yen (billions) Changes from
Fiscal Year ended
March 31, 2007 Net sales and other operating revenue 6,120 + 17.0 %
Operating income 470 + 18.5 %
Income before income taxes, minority
interest and equity in income of affiliates 480 + 35.2 %
Net income 350 + 29.0 % Yen Basic net income per common share 192.97
Fiscal year ending March 31, 2008
Yen (billions) Changes from
Fiscal Year ended
March 31, 2007 Net sales and other operating revenue 12,350 + 11.4 %
Operating income 880 + 3.3 %
Income before income taxes, minority
interest and equity in income of affiliates 885 + 11.6 %
Net income 625 + 5.5 % Yen Basic net income per common share 344.58 These forecasts are based on the assumption that the average exchange rates for the Japanese yen to the U.S. dollar and the Euro will be JPY 121 and JPY 163, respectively, for the first half of the year ending March 31, 2008, JPY 113 and JPY 148, respectively, for the second half of the year ending March 31, 2008, and JPY 117 and JPY 155, respectively, for the full year ending March 31, 2008. Dividend per Share of Common Stock The Board of Directors of Honda Motor Co., Ltd., at its meeting held on July 25, 2007, resolved to make the quarterly dividend of 20 yen per share of common stock, the record date of which is June 30, 2007. The total expected annual dividend per share of common stock for the fiscal year ending March 31, 2008, is 80 yen per share. More information for Honda's consolidated financial results can be found at Honda's Investor Relations website http://world.honda.com/investors/financialresult/ This announcement contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on management's assumptions and beliefs taking into account information currently available to it. Therefore, please be advised that Honda's actual results could materially differ from those described in these forward-looking statements as a result of numerous factors, including general economic conditions in Honda's principal markets and foreign exchange rates between the Japanese yen and the U.S. dollar, the Euro and other major currencies, as well as other factors detailed from time to time. First Call Analyst:
FCMN Contact:
Source: Honda Motor Co., Ltd.
CONTACT: Tetsuo Oshima of Honda Motor Co., Ltd., +1-212-355-9191 x16 Web site: http://world.honda.com/investors/financialresult
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Profile: automotive-news
posted by automotive-news # 7:05 AM
Wall Display Graphics Support Software Available for SPARC(R)
Wall Display Graphics Support Software Available for SPARC(R) Xi Graphics Releases its New Wall Display HX Series for SPARC Workstations DENVER, July 25 /PRNewswire/ -- Graphics system software for supporting SPARC computer systems with multiple graphics cards/chips driving up to sixteen or more monitors has been released by Xi Graphics, Inc., who recently released another version of the software for use with Linux/UNIX(R) on x86-based computer platforms. "Having developed the new Wall Display HX Series for use on x86 systems running Linux or Solaris, the move to Sun Microsystems' SPARC platforms was easy," explained Xi Graphics' Bill Davis. "Since both versions use the same code base and offer the same feature set, including the ability to have hardware accelerated views on all monitors, the ability to support up to 32,768 pixels in both the x and y dimension of a large multi-monitor array, the ability to have one or more single logical screens in a display, the ability to have a single xscreen per monitor or a mix of single-screen-per-monitor for some monitors and one or more images stretched across multiple monitors, multiple video window overlays, and so on, it was a no-brainer." Davis stated that like all of the Xi Graphics' products in the Accelerated-X(TM) Summit Series line, the Wall Display HX Series is high-performance, high-quality software based on commercial, proprietary X servers and graphics drivers developed "from the ground up" by Xi Graphics, and is fully compliant with the industry standard specifications for the X Window System ("X") graphics support software for UNIX/Linux systems. The Wall Display HX Series is targeted at installations being built that utilize arrays of high-resolution monitors displaying current information -- often real time on a 24/7 operational basis -- relating to plant operations, roadway or rail traffic and conditions, pipeline status, etc., where system performance, stability and maintainability is very important. The HX Series is also being used to move existing wall display systems from Microsoft Windows to Linux or Solaris, a move that often needs to preserve the default "stretched desktop" feature of Windows when used with multiple monitors. In such cases, the HX Series is attractive since it provides hardware acceleration on all monitors, including those involved in a stretched desktop, aka "single logical screen," a feature most X servers are unable to provide. HX Series products for Linux and Solaris are available in demo mode through Xi Graphics' Web site, http://www.xig.com/, for free download and testing. Users can purchase Summit License Keys on-line which, when installed, convert a demo into permanent product. A license is required for each computer on which an Accelerated-X Summit driver is installed in non-demo mode. Demos are available for Bronze and Silver Editions (Silver has more features), which can be licensed to one of three Levels of support, differing in the maximum number of monitors that a system can have. About Xi Graphics, Inc. Xi Graphics, Inc. has developed commercial accelerated graphics drivers and X servers for the X Window System on Linux and UNIX(R) systems since 1994. For additional information on the Company, visit http://www.xig.com/. Accelerated-X is a trademark of Xi Graphics, Inc.; Linux is a trademark of Linus Torvalds; UNIX is a registered trademark of The Open Group. SPARC(R) is a registered trademark of SPARC International, Inc. Products bearing SPARC trademarks are based on an architecture developed by Sun Microsystems, Inc. First Call Analyst:
FCMN Contact:
Source: Xi Graphics, Inc.
CONTACT: Wm E ("Bill") Davis of Xi Graphics, Inc., 1-800-946-7433,
bill.davis@xig.com Web site: http://www.xig.com/
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Profile: automotive-news
posted by automotive-news # 7:03 AM
Monaco Coach Corporation Reports Second Quarter Profits
Monaco Coach Corporation Reports Second Quarter Profits COBURG, Ore., July 25 /PRNewswire-FirstCall/ -- Monaco Coach Corporation (NYSE:MNC), one of the nation's leading manufacturers of recreational vehicles, today reported revenues and earnings for the second quarter ended June 30, 2007. (Logo: http://www.newscom.com/cgi-bin/prnh/19991018/MONACO ) Second quarter 2007 revenues were $335.3 million, up 4.4% compared to $321.3 million in revenues for the second quarter of 2006. The Company reported a higher gross profit of $36.6 million for the second quarter of 2007, compared to $30.5 million a year ago. Operating income for the second quarter of 2007 was $8.7 million, compared to $793,000 for the second quarter of 2006. Net income for the second quarter of 2007 was $4.5 million, compared to $372,000 a year ago. For the second quarter of 2007, diluted earnings per share were $0.15 versus $0.01 for the same period last year. For the six months ended June 30, 2007, revenues were $657.6 million, compared to $706.4 million for the first half of 2006. The Company reported net income of $6.0 million for the recent six-month period, compared to $8.7 million for the same period in 2006. Earnings per share on a diluted basis for the first six months of 2007 were $0.20, compared to $0.29 for the same period last year. "Our Class A retail results remained positive, despite continuing challenges in the domestic motorhome market," said Kay Toolson, Chairman and Chief Executive Officer of Monaco Coach Corporation. "Internal reports show our Class A business was up over 6% year-to-date through the quarter, compared to the overall Class A market, which was down 6.6% through May, according to the most recently reported industry data. These market share gains, along with improving margins and steady consumer demand through the first six months of 2007 in the motorhome segment, has strengthened our confidence in the retail market for our products. Improvements in our towable product line-up are helping us gain back market share in this segment. Our overall business approach remains one of flexibility and sensitivity to changing economic conditions, consumer confidence and retail sell-through." Gross profit margin for the Company increased in the second quarter of 2007 to 10.9%, compared to 9.5% in the second quarter of 2006. The higher gross profit margin was due to reductions in wholesale discounting, improvements in plant utilization, and additional savings in some direct costs. These improvements offset higher material costs due to changes in product mix, as the Company grew its output of mid-priced diesel products. "Our June Dealer Congress was a significant success," stated John Nepute, President of Monaco Coach Corporation. "Dealers were very positive on our new 2008 models. Like our dealers, we expect our 2008 product line-up to be extremely popular with our retail customers." "We have paid close attention to retail demand, and that has enabled us to consistently build the proper mix of models for our dealer partners and manage our level of finished goods inventory. The equilibrium created has lessened the need to provide discounts or special incentives," said Nepute. "Additionally, as expected, the changes and moves we made in our production configuration and capacity last year have helped us become more efficient in our manufacturing processes. We expect to see further plant efficiencies associated with the consolidation of towable manufacturing from Elkhart to two existing facilities in the fourth quarter of 2007." For the second quarter of 2007, selling, general and administrative expenses were reduced by 5.3% to $27.9 million, compared to $29.4 million for the second quarter of 2006. "Reductions in retail promotional activity and settlement and legal costs positively impacted selling, general and administrative expenses as compared to the second quarter last year," said Nepute. "In addition, selling, general and administrative expenses for the second quarter of 2007 dropped 13.9%, compared to the first quarter of 2007. This improvement was helped by the timing of our stock-based compensation expense which was more heavily weighted in the first quarter of 2007 and the result of a one-time change in our Franchise for the Future program." Motorized Recreational Vehicle Segment Motorized sales of $250.7 million in the second quarter of 2007 increased 11.1% compared to $225.6 million in the second quarter of 2006. As reported by Statistical Surveys, Inc., Monaco Coach Corporation had a 6.3% increase in market share year-to-date through May 2007 for motorhome retail registrations, while industry-wide there was a decline of 7.9% in motorhome registrations for the same period. Segment gross profit for the second quarter of 2007 was $26.3 million, or 10.5% of sales, compared to $15.9 million, or 7.0% of sales, for the second quarter of 2006. Operating income for the quarter was $6.2 million, or 2.5% of sales, compared to an operating loss of $3.2 million in the second quarter of 2006. Unit sales of the Motorized RV Segment for the quarter ended June 30, 2007 totaled 1,518, up 7.8% from 1,408 units for the prior year period. Diesel Class A units shipped were 1,096 versus 980, gas Class A units shipped were 239 versus 328, and Class C units shipped were 183 versus 100. Towable Recreational Vehicle Segment The Company reported towable sales of $81.0 million for the second quarter of 2007, compared to sales of $89.2 million for the second quarter of 2006. Travel trailer and fifth-wheel registrations for the overall market, according to Statistical Surveys, reported a year-to-date increase of 1.7% through May 2007; the Company reported a 3.5% decline in retail sales for the same period. Gross margin for the second quarter of 2007 for the towable segment was $8.3 million, or 10.2% of sales, compared to $9.6 million, or 10.8% of sales for the second quarter of 2006. Operating income was $2.4 million, compared to $1.6 million for the second quarter of 2006. For the second quarter of 2007, towable unit sales, including specialty trailers, were 5,210 units, down from 5,617 units for the same period a year ago. Motorhome Resorts Segment Resort sales for the second quarter of 2007 were $3.7 million, down 42.2% from $6.4 million in the second quarter of 2006. In the second quarter of 2007, the Company sold 6 lots at the Indio resort and 15 lots at the Las Vegas resort. Currently 32 lots are available in Indio and 36 lots are available in Las Vegas. Operating income for the segment was $88,000, down from $2.4 million for the same period last year. The Company's new resort locations in the Palm Springs, Calif. area and Naples, Fla. area are currently under development, and new lots at these resorts are expected to be available for sale in early 2008. 2007 Business Outlook "The improvement in the first half of 2007 was primarily due to the Company's progress in improving plant efficiencies and stronger momentum in motorized sales," said Marty Daley, Chief Financial Officer of Monaco Coach Corporation. "Given current run rates and backlog, we are generally optimistic about achieving our previously discussed earnings guidance of approximately $0.37 to $0.41 per share for the year based on sales of approximately $1.3 billion." Conference Call to be Held Monaco Coach Corporation will conduct a conference call in conjunction with this news release at 2:00 p.m. Eastern Time, Wednesday, July 25, 2007. Members of the news media, investors, and the general public are invited to access a live broadcast of the conference call via the Investor Relations page of the Company's website at www.monaco-online.com. The event will be archived and available for replay for the next 90 days. About Monaco Coach Corporation Dedicated to quality and service, Monaco Coach Corporation is one of the nation's leading manufacturers of motorized and towable recreational vehicles. Headquartered in Coburg, Oregon, with substantial manufacturing facilities in Indiana, Monaco Coach employs approximately 5,300 people. The Company offers entry-level priced towable RVs up to custom made luxury recreational vehicle models under the Monaco, Holiday Rambler, Safari, Beaver, McKenzie, R-Vision and Dodge brand names. Monaco Coach maintains RV service centers in Harrisburg, Ore., Elkhart, Ind., and Wildwood, Fla. Ranked as the number one manufacturer of diesel-powered motorhomes, Monaco Coach is a leader in innovative RVs designed to meet the needs of a broad range of customers with varied interests. Monaco Coach Corporation trades on the New York Stock Exchange under the symbol "MNC," and the Company is included in the S&P Small-Cap 600 stock index. For additional information about Monaco Coach Corporation, please visit www.monaco-online.com or www.trail-lite.com. The statements above regarding the Company's expectations for the popularity of the 2008 product line-up, for further plant efficiencies and increases in capacity utilization in connection with the consolidation of towable manufacturing, and for new lots to be available for sale in Palm Springs, California and Naples, Florida in early 2008, as well as the earnings guidance under "2007 Business Outlook" are forward-looking statements subject to various risks and uncertainties that could cause actual results to differ materially from these statements, including unforeseen declines in the wholesale and retail markets for recreational vehicles, consumers' preference for certain models and resort lots including competitors' offerings, failure to realize gains from the consolidation of towable manufacturing as anticipated, a decline in consumer confidence, an increase in interest rates affecting retail and wholesale financing and an increase in the price or availability of fuel. Please refer to the Company's SEC reports for additional risks and uncertainties, including but not limited to the most recent Form 10- Q, the annual report on Form 10-K for 2006, and the 2006 Annual Report to Shareholders for additional factors. These filings can be accessed over the Internet at http://www.sec.gov/ or http://www.monaco-online.com/. CONTACT: Craig Wanichek
Director of Investor Relations
Monaco Coach Corporation
(541) 681-8029
craig.wanichek@monacocoach.com
MONACO COACH CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands of dollars, except share and per share data)
December 30, June 30,
2006 2007
(unaudited)
ASSETS
Current assets:
Cash $4,984 $2,233
Trade receivables, net 81,588 111,590
Inventories, net 155,871 147,818
Resort lot inventory 7,997 7,151
Prepaid expenses 5,624 4,881
Income taxes receivable 6,901 0
Deferred income taxes 38,038 39,894
Total current assets 301,003 313,567 Property, plant, and equipment, net 153,895 149,017
Land held for development 16,300 24,321
Investment in joint venture 0 3,695
Debt issuance costs net of
accumulated amortization of $912
and $1,068, respectively 540 577
Goodwill 86,412 86,412 Total assets $558,150 $577,589 LIABILITIES
Current liabilities:
Book overdraft 16,626 0
Current portion of long-term debt 5,714 5,714
Line of credit 2,036 0
Income taxes payable 0 2,196
Accounts payable 72,591 97,949
Product liability reserve 15,764 15,833
Product warranty reserve 33,804 36,126
Accrued expenses and other
liabilities 44,364 50,079
Discontinued operations 298 0
Total current liabilities 191,197 207,897 Long-term debt, less current portion 29,071 26,214
Deferred income taxes 21,678 21,301
Deferred revenue 883 783
Total liabilities 242,829 256,195 STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value;
1,934,783 shares authorized, no
shares outstanding
Common stock, $.01 par value;
50,000,000 shares authorized,
29,769,356 and 29,950,917 issued
and outstanding, respectively 298 300
Additional paid-in capital 63,722 67,418
Retained earnings 251,301 253,676
Total stockholders' equity 315,321 321,394 Total liabilities and stockholders'
equity $558,150 $577,589
MONACO COACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited: in thousands of dollars, except share
and per share data)
Quarter Ended Six Months Ended
July 1, June 30, July 1, June 30,
2006 2007 2006 2007 Net sales $321,283 $335,319 $706,350 $657,563
Cost of sales 290,792 298,721 627,410 584,969
Gross profit 30,491 36,598 78,940 72,594 Selling, general, and
administrative
expenses 29,429 27,866 63,407 60,223
Plant relocation costs 269 0 269 0
Operating income 793 8,732 15,264 12,371 Other income, net 256 379 388 492
Interest expense (940) (947) (2,192) (1,914)
Loss from investment
in joint venture 0 (699) 0 (977)
Income before income
taxes, continuing
operations 109 7,465 13,460 9,972 Provision (benefit)
for income taxes,
continuing operations (370) 3,001 4,688 4,009 Net income from
continuing operations 479 4,464 8,772 5,963 Loss from discontinued
operations, net of
tax provision (107) 0 (107) 0 Net income $372 $4,464 $8,665 $5,963 Earnings per common share:
Basic from continuing
operations $0.01 $0.15 $0.29 $0.20
Basic from
discontinued operations 0.00 0.00 0.00 0.00
Basic $0.01 $0.15 $0.29 $0.20 Diluted from continuing
operations $0.01 $0.15 $0.29 $0.20
Diluted from discontinued
operations 0.00 0.00 0.00 0.00
Diluted $0.01 $0.15 $0.29 $0.20 Weighted-average
common shares
outstanding:
Basic 29,708,892 29,946,436 29,672,558 29,888,068
Diluted 29,891,165 30,370,432 29,859,549 30,387,879
MONACO COACH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited: in thousands of dollars)
Six Months Ended
July 1, 2006 June 30, 2007 Increase (Decrease) in Cash: Cash flows from operating activities:
Net income $8,665 $5,963
Adjustments to reconcile net
income to net cash provided by
(used in) operating activities:
Gain on sale of assets (12) (111)
Depreciation and amortization 6,973 7,068
Deferred income taxes (5,367) (2,232)
Stock-based compensation
expense 1,720 2,484
Changes in working capital
accounts:
Trade receivables, net (560) (30,002)
Inventories (6,841) 3,993
Resort lot inventory 917 846
Prepaid expenses (1,068) 738
Land held for development (16,300) (8,021)
Accounts payable 17,439 25,358
Product liability reserve (1,184) 69
Product warranty reserve 1,328 2,048
Income taxes payable 2,443 9,097
Accrued expenses and other
liabilities 8,663 5,717
Deferred revenue 983 (100)
Discontinued operations 2,247 (18)
Net cash provided by
operating activities 20,046 22,897 Cash flows from investing activities:
Additions to property, plant,
and equipment (5,771) (2,669)
Investment in joint venture 0 611
Proceeds from sale of assets 98 505
Net cash used in
investing activities (5,673) (1,553) Cash flows from financing activities:
Book overdraft (14,545) (16,626)
Borrowings (payments) on
lines of credit, net 7,108 (2,036)
Payments on long-term notes
payable (2,857) (2,857)
Debt issuance costs 0 (193)
Dividends paid (3,563) (3,597)
Issuance of common stock 1,236 1,078
Tax benefit of stock-based
awards exercised or vested 0 136
Discontinued operations 90 0
Net cash used in
financing activities (12,531) (24,095) Net change in cash 1,842 (2,751)
Cash at beginning of period 586 4,984 Cash at end of period $2,428 $2,233
Monaco Coach Corporation
Segment Reporting
(Unaudited: dollars in thousands)
Results of Consolidated Operations
Quarter Quarter
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales Net sales $321,283 100.00% $335,319 100.00%
Cost of sales 290,792 90.51% 298,721 89.09%
Gross profit 30,491 9.49% 36,598 10.91% Selling, general and
administrative
expenses 29,429 9.16% 27,866 8.31% Plant relocation costs 269 0.08% - 0.00% Operating income 793 0.25% 8,732 2.60% Other income and
interest expense 684 0.21% 1,267 0.38%
Income before income
taxes 109 0.03% 7,465 2.23% Income taxes (370) -0.12% 3,001 0.89% Income from continuing
operations 479 0.15% 4,464 1.33%
Loss from discontinued
operations, net of
tax provision (107) -0.03% - 0.00%
Net income $372 0.12% $4,464 1.33% Depreciation &
amortization $3,599 $3,531
Capital expenditures 2,025 899
Raw materials inventory
WIP inventory
Finished goods inventory Six Months Six Months
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales Net sales $706,350 100.00% $657,563 100.00%
Cost of sales 627,410 88.82% 584,969 88.96%
Gross profit 78,940 11.18% 72,594 11.04% Selling, general and
administrative expenses 63,407 8.98% 60,223 9.16% Plant relocation costs 269 0.04% - 0.00% Operating income 15,264 2.16% 12,371 1.88% Other income and
interest expense 1,804 0.26% 2,399 0.36%
Income before income
taxes 13,460 1.91% 9,972 1.52% Income taxes 4,688 0.66% 4,009 0.61% Income from continuing
operations 8,772 1.24% 5,963 0.91%
Loss from discontinued
operations, net of tax
provision (107) -0.02% - 0.00%
Net income $8,665 1.23% $5,963 0.91% Depreciation &
amortization $6,973 $7,068
Capital expenditures 5,771 2,669
Raw materials inventory 76,432 67,448
WIP inventory 48,834 57,306
Finished goods inventory 64,868 23,065 Total capital expenditures for 2007 are expected to be $10 - 12 million.
Expected tax rate for all of 2007 is approximately 40%
Motorized Recreational Vehicle Segment
Quarter Quarter
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales
Net sales $225,620 100.00% $250,662 100.00%
Cost of sales 209,727 92.96% 224,403 89.52%
Gross profit 15,893 7.04% 26,259 10.48% Selling, general
and administrative
expenses & corporate
overhead 18,780 8.32% 20,035 7.99%
Bend relocation costs 269 0.12% - 0.00%
Operating income
(loss) $(3,156) -1.40% $6,224 2.48% Units Sold
Class A Diesel 980 1,096
Class A Gas 328 239
Class C 100 183
Total 1,408 1,518 Average Gross Wholesale Price
Class A Diesel $198 $201
Class A Gas 85 77
Class C 51 54 Internal retail registrations
Class A Diesel 1,154 1,338
Class A Gas 335 261
Class C 59 122
Total 1,548 1,721 Additional Information*
Backlog units
Backlog value**
Dealer Inventory (units)
Number of production lines
Capacity utilization
Number of independent distribution points Considering the towable restructure, capacity utilization would have been
67% on 5 production lines. Six Months Six Months
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales Net sales $480,569 100.00% $496,210 100.00%
Cost of sales 439,589 91.47% 443,464 89.37%
Gross profit 40,980 8.53% 52,746 10.63% Selling, general and
administrative
expenses & corporate
overhead 38,870 8.09% 43,189 8.70%
Bend relocation costs 269 0.06% - 0.00%
Operating income (loss) $1,841 0.38% $9,557 1.93% Units Sold
Class A Diesel 2,123 2,208
Class A Gas 685 437
Class C 215 333
Total 3,023 2,978 Average Gross Wholesale Price
Class A Diesel $196 $200
Class A Gas 85 78
Class C 52 53 Internal retail registrations
Class A Diesel 2,158 2,424
Class A Gas 629 530
Class C 99 195
Total 2,886 3,149
Additional Information*
Backlog units 900
Backlog value** $149,000
Dealer Inventory (units) 3,043
Number of production lines 6
Capacity utilization 52%
Number of independent distribution points 227
Considering the towable restructure, capacity utilization would have been
67% on 5 production lines. * As of 7/21/2007
** Based on motorized average gross wholesale price
Towable Recreational Vehicle Segment
Quarter Quarter
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales
Net sales $89,226 100.00% $80,968 100.00%
Cost of sales 79,582 89.19% 72,686 89.77
Gross profit 9,644 10.81% 8,282 10.23% Selling, general and
administrative
expenses & corporate
overhead 8,057 9.03% 5,862 7.24%
Operating income $1,587 1.78% $2,420 2.99% Units Sold
Travel trailer and
fifth wheel 4,173 3,907
Specialty trailer 1,444 1,303
Total 5,617 5,210 Average Gross Wholesale Price
Travel trailer and
fifth wheel 20 19
Specialty trailer 8 10 Internal retail registrations
Travel trailer and fifth
wheel 4,648 4,421 Additional Information*
Backlog units travel trailers and fifth-wheels
Backlog value
Number of production lines
Capacity utilization
Number of independent distribution points Considering the towable restructure, capacity utilization would have been
63% on 7 production lines. Six Months Six Months
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales Net sales $203,643 100.00% $150,448 100.00%
Cost of sales 179,853 88.32% 137,439 91.35%
Gross profit 23,790 11.68% 13,009 8.65% Selling, general
and administrative
expenses & corporate
overhead 17,509 8.60% 12,234 8.13%
Operating income $6,281 3.08% $775 0.52% Units Sold
Travel trailer and
fifth wheel 8,160 7,166
Specialty trailer 2,671 2,333
Total 10,831 9,499 Average Gross Wholesale Price
Travel trailer and
fifth wheel 19 20
Specialty trailer 8 9 Internal retail registrations
Travel trailer and
fifth wheel 7,059 6,428
Additional Information*
Backlog units travel trailers and fifth-wheels 1,745
Backlog value $34,900
Number of production lines 8
Capacity utilization 52%
Number of independent distribution points 675
Considering the towable restructure, capacity utilization would have been
63% on 7 production lines. * As of 7/21/2007
Motorhome Resorts Segment
Quarter Quarter
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales
Net sales $6,437 100.00% $3,689 100.00%
Cost of sales 1,483 23.04% 1,632 44.24%
Gross profit 4,954 76.96% 2,057 55.76% Selling, general and
administrative
expenses & corporate
overhead 2,592 40.27% 1,969 53.37%
Operating income $2,362 36.69% $88 2.39% Lots sold in period 30 21
Unsold developed lots
Project-to-date lots sold
Lots with deposits Six Months Six Months
Ended % of Ended % of
July 1, 2006 Sales June 30, 2007 Sales Net sales $22,138 100.00% $10,905 100.00%
Cost of sales 7,968 35.99% 4,066 37.29%
Gross profit 14,170 64.01% 6,839 62.71% Selling, general and
administrative
expenses & corporate
overhead 7,028 31.75% 4,800 44.02%
Operating income $7,142 32.26% $2,039 18.70% Lots sold in period 108 50 Unsold developed lots 78 68
Project-to-date lots sold 642 739
Lots with deposits 7 4
Resort Locations:
Las Vegas, NV
Total lots in resort are 407, all of which have been developed.
Indio, CA
Total lots in resort are 400, all of which have been developed. LaQuinta, CA
Total expected lots in resort are 400, some of which will be available to sell first quarter of 2008.
Naples, FL Total expected lots in resort are 198, some of which will be available to sell first quarter of 2008. FCMN Contact: Shirley@ctapr.com Photo: http://www.newscom.com/cgi-bin/prnh/19991018/MONACO
Source: Monaco Coach Corporation
CONTACT: Craig Wanichek, Director of Investor Relations of Monaco Coach
Corporation, +1-541-681-8029, craig.wanichek@monacocoach.com Web site: http://www.monaco-online.com/
-------
Profile: automotive-news
posted by automotive-news # 6:05 AM
SAF-HOLLAND Floated at EUR 19.00 Per Share
SAF-HOLLAND Floated at EUR 19.00 Per Share LUXEMBOURG, July 25/PRNewswire/ -- - Offer Value Approximately EUR 142.5 million - Free Float After IPO 43.8 % SAF-HOLLAND S.A., Luxembourg, a world-leading producer and
supplier of key systems and components for the truck and trailer industries,
today set its offer price at EUR 19.00 per share. The price was set jointly
with the selling shareholders and Morgan Stanley as the sole bookrunner. The
price range was set at EUR 19.00 to EUR 20.00. A total of 7,500,000 shares were placed in the offer. Thereof
5,120,000 primary shares were placed from a capital increase and 2,380,000
shares from the selling shareholders. In addition, shares from the designated
over-allotment were fully placed. The company will receive approximately EUR
97.3 million in gross proceeds from the capital increase. The proceeds will
be used to reduce indebtedness and to expand production and the
service/distribution network primarily in the emerging markets of Brazil,
Russia, India and China. "The sustainable growth in the logistics market ensures the
best conditions for our expansion strategy," said Rudi Ludwig, CEO of the
SAF-HOLLAND Group. "With the support of our shareholders, we will now
gradually strengthen our market position as one of the world's leading
commercial vehicle industry suppliers." Assuming full exercise of the greenshoe option, the company's
free float will amount to approximately 43.8%. As part of a lock-up
agreement, the selling shareholders have agreed not to sell their remaining
shares within the 6 months following the IPO. The management is subject to a
12-month lock-up. The company has undertaken not to announce, implement or
propose at its shareholders meeting a capital increase of authorised capital
during this 6 month period, unless for the purpose of, e.g., acquisitions or
participation programmes. It is expected that admission of the shares will be granted in
the course of today. The shares were placed with institutional investors only
and are due to commence trading on the Frankfurt Stock Exchange (Prime
Standard) on 26 July 2007. The company's shares will be listed under the
symbol "SFQ". The ISIN is LU0307018795. About SAF-HOLLAND: SAF-HOLLAND pro forma sales in 2006 totalled about EUR 778
million. The company has over 3,100 employees at 20 locations on five
continents. Pro forma adjusted EBIT was approximately EUR 65 million. Its
product portfolio ranges from premium axles and axle systems, truck and
trailer suspensions, fifth wheels and king pins, the trailer counterpart to
the fifth wheel, to trailer couplings and landing gear for trailers.
SAF-HOLLAND customers include most leading truck and trailer manufacturers
around the world. Products are sold via a worldwide service and distribution
network to original equipment manufacturers (OEMs), original equipment
suppliers (OESs) and via the spare parts market directly to end users and
service workshops. This publication is neither an offer to sell nor an invitation to buy
securities of any kind. The prospectus is available free of charge from the
company and from Morgan Stanley Bank AG, Sal. Oppenheim jr. & Cie. KGaA and
HSBC Trinkaus & Burkhardt AG. These materials are not an offer of securities for sale in the United
States. The securities to which these materials relate have not been
registered under the US Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act.
There will be no public offering of the securities in the United States. Not
for publication or distribution in the United States, Canada, Japan or
Australia. This document is only distributed to and aimed at (i) persons outside the
United Kingdom or (ii) professional investors as per Article 19(5) of the
Financial Services and Markets Act 2000 and the Financial Promotion Order
2005 (the "Order"), or (iii) high net wealth companies and other high net
wealth persons as per Article 49(2)(a) to (d) of the Order (these persons
jointly being termed "qualified persons"). All of the securities named herein
are available only to qualified persons and any invitation, offer or
agreement to subscribe to, buy or otherwise acquire them is made only to
qualified persons. Persons who are not qualified persons should on no account
act with regard to or in confidence in this information or its contents.
Media Contact:
Merlin Koene, CNC AG
+49-173-204-6365
merlin.koene@cnc-communications.com Source: SAF-HOLLAND Media Contact: Merlin Koene, CNC AG, 49-173-204-6365, merlin.koene@cnc-communications.com
-------
Profile: automotive-news
posted by automotive-news # 5:23 AM
It's 5:00. Do You Know How Bad Your Car Smells?
It's 5:00. Do You Know How Bad Your Car Smells? Automotive Air Freshener Manufacturer Discovers Record Sales During Evening Drive Time DRAPER, Utah, July 25 /PRNewswire/ -- Dinner is not the only thing on commuter's minds during their evening drive. According to a recent consumer behavior data report, car odors apparently are also catching drivers' attention. (Photo: http://www.newscom.com/cgi-bin/prnh/20070725/LAWFNS1) Utah-based HandStands, manufacturers of top-selling automotive air fresheners, reveals that its new "Refresh Your Car" line of air fresheners are hot sellers at 5:00 p.m. nationwide. The data supporting the finding was released to HandStands by InfoPoint Analytics, a data research firm that monitors consumer behavior to optimize product offerings. "Odors become exaggerated in warm, enclosed spaces," notes Dan Smoot, HandStands' lead engineer and senior product manager. "It's not hard to imagine that after a long day in the parking lot, that last drop of your morning latte can become overwhelmingly pungent. It is funny -- though not entirely surprising -- to discover that HandStands' odor-eating air fresheners are such hot sellers in the post-work hours." The study further revealed that HandStands' Cucumber Melon scent was the most popular seller during evening drive time, and that the item most frequently purchased along with the air freshener is Diet Coke. "Two refreshing purchases at once -- that makes perfect sense!" Smoot says. HandStands is the first company in the automotive air freshener category to bring odor-eliminating technology to automotive-specific accessories. The colorful "Refresh Your Car" assortment includes the gel-constructed Bug, an egg-shaped air freshener that begs to be displayed in cars, kitchens, lockers, and any smooth surface (MSRP: $2.99). Thanks to its patented Sticky Technology, the freshener is designed to adhere to flat or vertical surfaces, leaving no residue behind. Currently, the Bug is available in cool, proven fragrances including Cucumber Melon, Pina Colada, and Fresh Linen. The company's automotive air fresheners are widely available through national retail stores including Wal-Mart, Target, Kmart, and BestBuy. All HandStands air freshening products are made with safe, high-quality ingredients in combination with industry leading fragrance delivery systems. For more information about HandStands or its complete line of air freshening products, call 888.228.8987 or visit http://www.handstands.com/.
EDITOR'S NOTE: Samples and high-resolution images of HandStands' air
fresheners are available upon request by contacting Kelly M. Mooney at
503.722.4080 or kelly@tji-inc.com.
First Call Analyst:
FCMN Contact:
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20070725/LAWFNS1
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: HandStands
CONTACT: Kelly M. Mooney of This Just In, Inc., +1-503-722-4080,
kelly@tji-inc.com, for HandStands Web site: http://www.handstands.com/
-------
Profile: automotive-news
posted by automotive-news # 5:21 AM
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