BRENTWOOD, Tenn., Oct. 4 /PRNewswire-FirstCall/ -- Acacia Automotive, Inc. (Ticker-ACCA) today announced that it will hold its Annual Meeting of Shareholders at the Renaissance Orlando Resort at SeaWorld in Orlando, Florida, at 10:00 a.m. on November 2, 2007. The Company has set the close of business Tuesday, October 9th as the record date for shareholders to be invited to and vote at the meeting.
Tony Moorby, President and COO of Acacia Automotive, said: "We are really looking forward to this first Annual Meeting of our shareholders. It has been a long time in coming, but well worth the wait! Many positive things have transpired since we gained control of the company last year, and many more exciting things await our future. We are very pleased with our present and future course."
Acacia's CEO Steve "Junior" Sample commented on the performance of Augusta Auto Auction, the Company's first acquisition: "We always felt that the Augusta auction was a diamond in the rough, and it has certainly begun to shine as anticipated. Since our first weekly sale on July 11th, the auction has seen 2007 sales and revenue increases month-over-month in addition to exceeding the auction's performances in 2006. For same-period sales during which we have owned the auction in Q3 2007 versus 2006, our revenues are up over 25% while unit sales volumes are up more than 30%. Considering we worked around a major facelift of the facility during the first six weeks that detracted heavily from marketing efforts, we consider these upticks to be very impressive indeed. Acacia is on a well-defined course and we are quite pleased with these results ... especially in the midst of the current economy. We see no problems in continuing to expect solid results in the future."
Moorby continued: "Our Augusta auction has taken us from being a shell company to an operating company, and has done so in grand style. We are also currently reviewing a number of other acquisition targets that have been presented to us in recent weeks, and hope to come to terms on at least one more auction by the end of this year. There are many other interesting projects on the table as well. As I have mentioned before, this is a very exciting time to be in the auction business! All these things, combined with the new operating system in development for Acacia, may well prove to be the perfect combination for bringing value and growth or our shareholders."
About Acacia
Acacia Automotive, Inc. (http://www.acacia.bz/) is a publicly-traded corporation and America's newest whole-car vehicle auction holding company, but comes with seasoned veterans in management. Acacia believes there were once three companies in balance that provided the industry's clients with a solid stance and fair choice. That balance was toppled when one leg was eliminated with the sale and subsequent absorption of ADT Automotive in 2000. Acacia intends to bring back that balance and return a much-needed stabilization to the industry, believing that "competition is a good thing". Acacia is currently reviewing several acquisition opportunities as it prepares to add its second auction in line with its plans to acquire approximately four additional auctions per year well into the future. The company simultaneously announced completion of moving its headquarters to Brentwood, Tennessee, September 1st, becoming more centrally located to better accommodate commerce throughout the United States.
This release includes forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Such statements, including information and statements regarding anticipated financial results, potential success of anticipated acquisitions, business operations, product marketing and potential market opportunities are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. The forward-looking statements in this document are made as of the date of publication hereof and the Company does not undertake to update its forward-looking statements.
For information please contact Investor Relations at:
Acacia Automotive, Inc.
The Gardner Building - Suite 104
5214 Maryland Way
Brentwood, Tennessee 37027
Com: (615) 309-0644 Fax: (615) 866-0144
Email:
