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FLMG news Fleet Management Solutions, Inc. (PINKSHEETS: FLMG) is pleased to announce a new lease agreement with existing customer Recar S.A., a Salonica, Greece-based Vehicle Rental company (ex. Dirent a Car). The agreement allows Recar to lease up to 400 vehicles from FMS during the high season period. FMS currently provides Accident & Breakdown management services for Recar S.A. This new contract is expected to add more than $3 million USD in Gross Revenue with a projected Net Revenue in excess of $ 650,000 USD for Fleet Management Solutions in the fiscal year 2010.
"This new agreement further strengthens our already solid relationship with Recar," stated Evangelos Alexandris CEO of Fleet Management Solutions. "In addition, we are pleased to show continued revenue and earnings growth as an ongoing commitment to our shareholders."
About Recar S.A. (http://www.recar.car.gr or www.direntacar.gr)
Recar S.A., ex. Dirent A Car S.A., is a Thessaloniki, Greece based vehicle rental company with offices in Athens, Volos, Corfu, Patra, Kavala and Alexandroupolis. They also have locations inside Athens, Thessaloniki, Kavala, Volos & Corfu airports. Their fleet of daily rental vehicles rises from 200, in Low Season Period, to more than 700 vehicles in High Period.
About FMS Inc. (http://www.fms-greece.com)
The Company is based in Athens, Greece and currently owns and operates 3 commercial locations. FMS provides a number of fleet management solutions in the automotive sector throughout the country and various parts of the Balkans. The Company was formed as result of a merger between ABR Bosch Car Services, which was founded in 1992, and EDC Hellas S.A., which was founded in 1998 by EDC Holdings. With decades of experience, both companies identified an opportunity in the automotive market by providing fleet management services and solutions and subsequently formed FMS S.A. which has grown 311% in the last 3 years.