Press Release Franchise Capital Corporation Issues Comment on Status of 8-K with Details of Aero Exhaust Acquisition
Issued Friday October 12, 9:05 am ET
MURRIETA, CA--(MARKET WIRE)--Oct. 12, 2007--Franchise Capital Corporation (Other OTC: FCCN) today issued a statement on the status of the Current Report on Form 8-K that includes details of its acquisition of Aero Exhaust, Inc., a world leader in performance exhaust airflow technology and NASCAR Performance Partner.
“The Form 8-K is a comprehensive filing that includes financial information audited by our independent auditing firm and a review by legal counsel that has been retained specifically for the 8-K,” stated Bryan Hunsaker, chief executive officer of Franchise Capital and Aero Exhaust. “We realize that there has been a great deal of interest generated by the acquisition of Aero Exhaust by Franchise Capital, and all parties involved in finalizing the 8-K are working hard to complete and file it as soon as possible, so the details of this transaction can be disclosed to our shareholders and the public markets.”
The definitive agreement regarding the acquisition of Aero Exhaust by Franchise Capital was executed in January 2007, and at that time, Franchise Capital announced that it expected to exchange up to 95% of its total issued and outstanding capital stock in exchange for all of Aero Exhaust’s issued and outstanding shares. Franchise Capital provided $1.9 million in financing in the form of a commercial loan to Aero as part of the transaction. The value of the loan and any accrued interest were converted into Aero Exhaust common stock as part of the share exchange, which increased the percentage of the public company’s issued and outstanding common stock retained by Franchise Capital shareholders. The final number of shares exchanged, including the additional percentage retained by Franchise Capital shareholders, will be included in the 8-K filing.
The 8-K will also include the audited financials of Aero Exhaust and additional detailed information on the company.
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About Aero Exhaust: Aero Exhaust is a world leader in performance exhaust airflow technology, manufacturing and distributing the most technologically advanced muffler on the market. Its product lines are built to the highest industry standards and offer the consumer a lifetime warranty. Aero Exhaust has been issued U.S. and Australian patents on its innovations and development in the exhaust industry, and its mufflers are available worldwide through major retailers, mass merchant centers, automotive aftermarket supply stores and wholesalers. Aero Exhaust mufflers are an exclusive National Association for Stock Car Auto Racing (NASCAR) Performance product and carry the prestigious NASCAR brand on product, packaging and related media. NASCAR legend Rusty Wallace is the official spokesperson for Aero Exhaust products. Additional information on Aero Exhaust’s products, race team, and motorsports ventures can be found on its corporate website, www.aeroexhaust.com.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including the lack of funding, inability to complete required SEC filings, and others set forth in the Company’s report on Form 10-K/A for fiscal year 2006 filed with the Securities and Exchange Commission.
CONTACT: Gemini Financial Communications, Inc. A. Beyer, 951-677-8073 investors@franchisecapitalcorp.net
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