Precision Tune Auto Care signs agreement with Nigerian Company to open stores in Nigeria and Ghana
March 22, 2010 // Franchising.com // LEESBURG, VA - Precision Auto Care, Inc. (Pink Sheets: PACIPK) signed a master franchise agreement with senior executives of Linkup Global Concept Limited RC (Nigeria) giving that firm's affiliate, Precision Tune Auto Care (Nigeria) Company Limited, a license to open and operate at least 20 Precision Tune Auto Care (PTAC) car care centers in Nigeria and Ghana over the next twenty years. The first two PTAC centers is scheduled to open in Lagos in early July.
Robert Falconi, PACI President and CEO, said the agreement was the first major licensing deal an American auto service and repair franchise had reached in Nigeria. "The Nigerian economy is expanding rapidly, and the transportation infrastructure needs to keep pace with the economic growth," said Falconi.
"The Nigerian economy is expanding rapidly, yet they have no auto aftermarket providers except small independents and dealerships," said Robert Falconi, President and CEO of PACI. " With new car sales approaching 50,000 vehicles per year there is quite a bit of demand for quality repairs. Today's vehicle requires sophisticated diagnostic equipment and trained technicians to maintain and repair them. "The investment in equipment for this type of technology is financially out of reach for most independent repair shops in Nigeria," said Falconi, presenting a great opportunity for PTAC to aggressively market to customers who want affordable and convenient car care and repairs.
Linkup Global Concept Limited RC chose PTAC over other American auto car care franchises based in part on their international experience, especially their success in franchising more than 70 repair centers in Portugal, Spain, Dominican Republic, Oman and Taiwan through the global master franchisees network.
Linkup Global Concept Limited RC, a division of Kunech, serves Nigeria as well as West Africa. The company's subsidiaries and sister companies are involved in a multitude of industries ranging from oil and gas production to real estate, hotels, haulage, construction, investments and other economic sectors.
Precision Tune Auto Care has been a pioneer for more than 33 years in advanced diagnostic training and development, and is the one stop shop for scheduled maintenance, service and repairs for autos, SUV's and minivans. Servicing 2.5 million vehicles each year, PTAC operates more than 350 state-of-the-art professional service facilities throughout the world and is a leader in educating the driving public on the importance of car care for personal safety and the health of the environment.
Precision Auto Care, Inc.'s affiliate, Precision Franchising LLC, is one of the world's leading franchisors of auto care centers, with 350 operating centers as of March 22, 2010. Precision Franchising LLC franchises Precision Tune Auto Care centers around the world.
Cautionary Statement: The statements in this press release contain forward-looking statements within the meaning of the Securities Act of 1933 or the Securities Exchange Act of 1934. These statements are based on the Company's current expectations, estimates and projections. Statements that are not historical facts are forward-looking statements and typically are identified by words like "believe," "anticipate," "could," "estimate," "expect," "intend," "plan," "project," "will" and similar terms. These statements are not guarantees of future performance, events or results and involve potential risks and uncertainties. Accordingly, actual results may differ from current expectations, estimates and projections. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that may impact the Company's actual results include: (i) business conditions and the general economy; (ii) the federal, state and local regulatory environment; (iii) increased competitive pressure in the automotive after-market services business; (iv) significant automotive technology advances; (v) management's ability to execute the Company's business plan; and (vi) the Company's ability to sell franchises in each state. Additional information concerning risks and uncertainties that could cause actual results to differ materially from those projected or suggested in the forward-looking statements is in the Company's postings to the Pink Sheets website for the year ended June 30, 2009. The forward-looking statements contained in this prospectus represent the Company's judgment as of the date of this prospectus, and you should not unduly rely on these statements.
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