Too Gourmet, Inc. Executes Letter of Intent With German Automotive Technology Company
2002-11-19 12:13 - News Release
IRVINE, Calif.--(BUSINESS WIRE)--Nov. 19, 2002--Too Gourmet, Inc.
(OTCBB:TGOU) is pleased to announce that it has entered into a
non-binding Letter of Intent to acquire up to 100% of the outstanding
common stock of a German automotive technology and services provider,
subject to due diligence review, negotiations and drafting of the
definitive agreement which would include representations and
warranties standard for transactions of this nature and magnitude.
Terms of the proposed transaction have not been disclosed.
The merger candidate was incorporated in 1989 and develops
innovative hardware and software applications for the automotive
industry. Its offices are located in Germany and in the United States.
Its services, hardware and software solutions applications specialize
in two core areas: sophisticated exhaust emission measurement systems
and software technologies systems for test-stand automation and
related workflow management solutions. The merger candidate generates
profitable sales directly through its corporate offices and indirectly
though distributors located in over ten countries. Its total annual
revenues for its last fiscal year were approximately 10.7 million
Euro.
With a vehicle park and economy comparable in size to the United
States, the European Union (EU) generates significant demand for
automotive aftermarket parts, accessories and services. The ongoing
political, economic and technological harmonization of the EU is
uncovering new opportunities for companies looking to profit from the
region's automotive aftermarket industry.
According to the Automotive Aftermarket Industry Association
(AAIA), the size of the motor vehicle aftermarket in the United States
grew by 3.5% in 2001 to $255.2 billion, with the automotive segment
recording the largest growth, at a 4.8% increase to $178.8 billion.
Sales are forecast to expand to more than $185.8 billion by the end of
2002.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. Certain information
included in this press release contains statements that are
forward-looking, such as statements related to the future anticipated
direction of the industry, plans for future expansion, various
business development activities, planned capital expenditures, future
funding sources, anticipated sales growth and potential contracts.
Such forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results in
the future and, accordingly, such results may differ from those
expressed in any forward-looking statements made by, or on behalf of
Too Gourmet, Inc. These risks and uncertainties include, but are not
limited to, those relating to development and expansion activities,
dependence on existing management, financing activities, and domestic
and global economic conditions.
--30--CMM/cl*
CONTACT: Too Gourmet, Inc.
Brad Brock, 416/778-8194
