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Letter to the Editor
Thursday January 25
Advanced Wireless Systems, Inc. Announces Acquisition
SCOTTSDALE, Ariz. -- Advanced Wireless Systems, Inc. has announced that it has entered into a Letter of Intent to acquire Fleet Sales West, Inc.
Fleet Sales West is located in Phoenix, Arizona and is in the business of automotive sales with a primary emphasis on acquiring and selling used and new automobiles from national car rental agencies. During the first three quarters of 2000, Fleet Sales West posted gross revenues of approximately $17.5 million. Fleet Sales West is currently in Chapter 11 proceedings and the acquisition is subject to approval by the United States Bankruptcy Court through a Plan of Reorganization.
In announcing the planned acquisition, Advanced Wireless Systems' President, Stan Wilson, stated: "It has been the Company's plan for some time to achieve profitability through Diversification." Wilson further noted, "This acquisition is compatible with our recent acquisition of Daybreak Auto Recovery, Inc. and our recent announcement of acquiring the RAP Group, Inc." Daybreak Auto Recovery is the largest automotive repossession business north of the Golden Gate Bridge to the Oregon border. The RAP Group, Inc. acquisition is in the final phases of completion. RAP posted gross revenues of $7.25 million for the year ended December 31, 2000. The RAP Group is located in Fulton, California.
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