LAS VEGAS, April 20 /PRNewswire-FirstCall/ -- Ultimate Acquisition
Partners, L.P. ("UAP" or "Ultimate") announced today that it has purchased
from Ultimate Electronics, Inc. (OTC: ULTEQ) 32 Ultimate Electronics and
SoundTrack stores together with their trade names and other corporate assets.
The purchased stores are located in the metropolitan areas of Denver, Colorado
Springs, Boulder, Ft. Collins, Minneapolis, Las Vegas, Phoenix, Albuquerque,
Oklahoma City, Tulsa, St. Louis and Wichita. UAP is owned by Mark Wattles
Enterprises, LLC. Plans call for the stores to remain substantially the same,
except for enhancements to inventory, to insure the broadest and best
selection of audio/video products in the market today. Substantially all of
the employees at the Ultimate Electronics corporate headquarters and in the
32 stores will transfer to UAP.
Commenting on the purchase, Mark Wattles, who will be Chairman and CEO of
UAP, said, "I fell in love with the Ultimate store concept the first time I
toured the stores in Phoenix, Arizona. At the time, I lived in Oregon where
there were no Ultimate stores. In 2000, after moving to Las Vegas, where
there are two Ultimate Electronic stores, I learned as a customer what makes
Ultimate Electronics and SoundTrack great. They are the experts in home
entertainment with knowledgeable staff, great selection and competitive
prices. These attributes converted me to a lifelong customer." Wattles
added, "In my opinion, their past financial problems were created by not being
prepared for the executional challenges related to rapid store growth. We now
have a great management team experienced in high growth retail, a solid base
of core stores and employees who are fanatics about audio/video. These
ingredients, combined with the financial resources now available to Ultimate,
set us up for long term success."
Mark Wattles Enterprises, LLC, which is controlled by Mark Wattles,
invests primarily in public and private companies in the consumer products and
retail sectors. Mark Wattles is the founder, and former Chairman and CEO of
Hollywood Entertainment Corporation which operates a chain of 2006 Hollywood
Video stores and 695 Game Crazy stores.
Contact:
Public Relations
Ultimate Acquisition Partners
303-412-2500
SOURCE Ultimate Acquisition Partners, LP
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CONTACT:
Public Relations, Ultimate Acquisition
Partners, LP, +1-303-412-2500
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