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|AutoNation's Planned Spin-Off of ANC Rental Moves Closer As Company Files With SEC|
FORT LAUDERDALE, Fla., April 3 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN) today announced that an amended Form 10 relative to the proposed tax-free spin-off of its automotive rental division as ANC Rental Corporation has been filed with the Securities and Exchange Commission (SEC).
The amended Form 10 includes the 1999 audited financial statements for ANC Rental Corporation and additional information relative to the proposed spin- off.
The Company noted that completion of the spin-off, which is anticipated before the end of the second quarter of this year, is subject to certain conditions, including obtaining necessary approvals, completing the necessary debt re-financing for ANC Rental Corporation and completing the necessary filings with the SEC. The distribution ratio will be set at the time that AutoNation's Board of directors declares record and distribution dates for the planned spin-off.
"We are determined to complete the spin-off as quickly as possible," said Michael J. Jackson, AutoNation's Chief Executive Officer. Mr. Jackson added, "We realize this process has taken longer than expected, but a spin-off of this scale requires a great deal of preparation. The reward for this investment of time will be two companies well positioned to leverage the excellent growth opportunities in their respective industries."
AutoNation announced late last year that it planned to establish itself as a pure play automotive retailer by spinning off its automotive rental unit in the form of a tax-free dividend of shares to the stockholders of AutoNation, Inc. In preparation for the spin-off, AutoNation formed ANC Rental Corporation, which includes the Alamo, National and CarTemps USA vehicle rental companies. After the spin-off, ANC Rental Corporation is expected to trade independently on the New York Stock Exchange under the symbol ANR.
With 1999 annual revenue of more than $20 billion, and over 400 new vehicle franchises in 19 states, AutoNation, Inc. is the largest automotive retailer in the United States. The Company last year sold more than 46,000 vehicles via the Internet, making AutoNation the largest automotive retailer on the Internet.
Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.SOURCE AutoNation, Inc.
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