NowAuto to Merge With Fully Reporting Bulletin Board Company and File for NASDAQ Small Cap Listing
PR Newswire - June 23, 2005 09:30
NowAuto Reaffirms Year Guidance to Reflect Improved Outlook for Existing Businesses
SCOTTSDALE, Ariz., June 23, 2005 /PRNewswire-FirstCall via COMTEX/ -- NowAuto (OTC: NWAU) announced today it has elected to merge into a fully reporting company because the management of NowAuto believes it is a more efficient means to become fully reporting and move from the Pink Sheets to increase shareholder value and enhance access to the capital markets. Once on the Bulletin Boards, NowAuto will then apply for NASDAQ Small Cap. The 2nd Quarter (ending June 30th) expects to be audited and filed as a fully reporting company with the SEC. More information about the merger will be announced before month end.
Business Outlook
Based on its improved outlook for the second half of 2005 for its existing businesses, NowAuto is reaffirming guidance for its fiscal year 2005 guidance as follows:
Fiscal Year 2005: New Guidance
Revenue: $25 million
Diluted net income per common share: $0.30-$0.33
This updated business outlook includes any contributions from the recently-announced Sunburst Car Company acquisition. The update also includes the recent growth and orders from wholly owned subsidiary Navicom GPS. The statements are based on current expectations. These statements are forward-looking, and actual results may differ materially. These statements do not include the potential impact of the previously-announced transactions noted above, or any other mergers, acquisitions or business combinations that may be completed after the date of this release.
