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The Jack Watters Group Acquires Interest In Future Carz and Sets Sights on a Profitable Future
Business Wire, Nov 7, 2002
Business Editors
SAN DIEGO--(BUSINESS WIRE)--Nov. 7, 2002
Jack Watters announced the acquisition of controlling interest in future carz.inc (OTCBB:FCRZ) by The Jack Watters Group. The Group acquired controlling interest by direct stock purchase from the company. It is reported that The Group has invested over $400,000 in to future carz.inc with the intention of resuming leasing operations under the Auto Carz and Future Carz names. Watters reported that plans are underway to reopen leasing storefronts in San Diego this week and Phoenix by Dec. 1, 2002. President Ethel Merriman heads the new management team. Merriman, former vice president of The Associates, acquired by Citigroup in 2000, brings 21 years of experience in the consumer lending industry to future carz.inc. She will devote herself to assembling a staff of trained leasing and credit professionals with an eye to maintaining default rates at a minimum. Merriman rose through the ranks of the financial industry and held positions of branch manager, area manager, vice president of corporate training and vice president of credit and compliance.
In an interview Watters discussed future carz.inc. "The company mission of leasing cars and providing transpiration to the sub-prime market is an excellent concept. The previous management team suffered through an aging inventory of cars, under capitalization, and no real experience in consumer lending. The Jack Watters Group not only brings an infusion of capital to future carz.inc but also its management and marketing team. We will be leasing late model pre-owned vehicles to the top end of the sub-prime market. Our target customer is the woman or man with a good employment record, who would have an excellent credit history if not for an unfortunate turn of events including medical bills, a ruinous divorce or a mistake in judgment in guaranteeing a loan for others. Our pledge is to provide guaranteed good transportation to and from work and diligence in reporting our customer's good payment record with us to the credit bureaus in the hope that with their cooperation they can rebuild their credit and move on with their lives." Shares of future carz.inc. have moved from 4 cents to a close yesterday of 11 cents over the last three months on rumors of The Jack Watters Group's interest in acquiring the company.
