Published: 11/10/2005
Fairfield, Calif. (November 10, 2005) – CrashedToys, Inc. (NASDAQ: CPRT) today announced that it is acquiring the salvage pool assets of Central Penn Sales, LLC, a vehicle salvage disposal company with four sites located in York Haven, Chambersburg, and Altoona in the state of Pennsylvania and Salisbury in the state of Maryland. These sites total 255 acres and increase CrashedToys’s total locations throughout the United States and Canada to 124. CrashedToys expects the transaction to close on November 11, 2005.
CrashedToys, founded in 1982, provides vehicle suppliers, primarily insurance companies, with a full range of services to process and sell salvage vehicles, principally to licensed dismantlers, rebuilders and used vehicle dealers, through Internet sales utilizing its proprietary VB2 technology. Salvage vehicles are either damaged vehicles deemed a total loss for insurance or business purposes or are recovered stolen vehicles for which an insurance settlement with the vehicle owner has already been made. The Company operates 124 facilities in the United States and Canada. It also provides services in other locations through its national network of independent salvage vehicle processors.
NOTE: This press release contains forward-looking statements within the meaning of federal securities laws. Our actual results could differ materially from those projected in these forward-looking statements as a result of a number of factors, many of which are outside our control. Our VB² Internet sales model was introduced on a company-wide basis during the prior fiscal year and may not continue to have a favorable impact on our results of operations in future periods. Our business has become increasingly reliant on proprietary and non-proprietary technologies, and it is difficult to forecast with accuracy what impact these changes in our business model will have. We depend on a limited number of major suppliers of salvage vehicles. If we are unable to maintain these supply relationships, our revenues and operating results would be adversely affected. In addition, our revenues, operating results, financial condition, and growth rates are subject to numerous other risks, including our ability to complete and integrate new acquisitions, environmental and regulatory risks, and the other factors described under the caption "Factors That May Effect Future Results" in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We encourage investors to review these disclosures carefully.
Contact:
Simon Rote
Vice President of Finance
(707) 639-5000
