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.