SCHAUMBURG, Ill., Jan. 21 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI) today announced the appointment of two experienced executives
to its Board of Directors filling the currently vacant seats.
Peter H. Kamin, age 37, is a principal of Peak Investment, L.P., a private
investment fund that holds approximately 9 percent of the company's Common
Stock. He presently serves as a director of Data Transmission Network, Inc.
(Nasdaq: DTLN), a publicly traded provider of electronic news and information,
and is a director of several privately held companies. He was previously a
principal of Morningside North America; the U.S. based investment operation
for an offshore family trust.
Joseph F. Mazzella, age 46, is a senior partner of Lane Altman & Owens, a
business law firm in Boston, Mass. He is a director of Alliant Techsystems,
Inc. (NYSE: ATK), Hopkins, Minn., a supplier of commercial space launch
systems, military propulsion systems and electronic and conventional defense
products. He is also a director of Inforonics, Inc., Littleton, Mass., a
developer of Internet-based, electronic commerce systems and other website
tracking and fulfillment applications.
Thomas J. O'Malia, chairman of Insurance Auto Auctions, commented, "We are
delighted to have such seasoned executives as Peter and Joe on the Insurance
Auto Auctions board at this important juncture in the company's growth. We
are certain that IAA will benefit from their knowledge of internet-based
solutions, specifically in the assessment of its new business opportunities,
and look forward to their future contributions. In line with our stated
goals, we have confidence in their ability to contribute to the continued
growth of the company."
Founded in 1982, Insurance Auto Auctions, Inc. is the largest provider of
automotive and specialty salvage services in the United States, providing
insurance companies with cost-effective, turnkey solutions to process and sell
total-loss and recovered-theft vehicles, a $3 billion per year industry. The
company currently has 50 auction sites across the United States.
This press release contains forward-looking information that is subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected, expressed or implied by such forward-looking
information. The company's actual results could differ materially from those
discussed or implied herein. Factors that could cause or contribute to such
differences include, but are not limited to, those discussed in the company's
annual report, Form 10-K for the fiscal year ended December 31, 1997, or
subsequent quarterly reports. Among these risks are legislative acts, weather
conditions, changes in the market value of salvage, outcome of litigation,
competition, quality and quantity of inventory available from suppliers and
dependence on key insurance company suppliers.
SOURCE Insurance Auto Auctions, Inc.
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Related links:
http://www.iaai.com
CONTACT:
Linda C. Larrabee, Sr. VP-CFO of Insurance
Auto Auctions, 847-839-4132; or General Inquiries, Norha Lee,
312-640-6689, Analyst Inquiries, Tanya Hayward, 312-640-6732,
Media Inquiries, Bess Gallanis, 312-640-6737, all of The
Financial Relations Board
NOTE TO EDITORS: Auto Auctions free of charge via fax, dial
1-800-PRO-INFO and use the company's stock symbol, "IAAI."
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