SCHAUMBURG, Ill., July 13 /PRNewswire/ -- Insurance Auto Auctions, Inc.
(Nasdaq: IAAI), a leader in automotive total loss and specialty salvage
services, today announced it had retained Greif & Co. as exclusive financial
advisor to the Company, to lead the development and structuring of a range of
strategic alternatives intended to enhance shareholder value.
Thomas J. O'Malia, Chairman of the Board of Directors, stated, "We have
set the Company on a course of solid earnings growth, which we expect to
continue in future periods. We intend to continue to build upon the growth in
earnings while pursuing opportunities that may be available to further enhance
shareholder value through acquisitions, marketing, share repurchases or other
strategic partnerships or transactions. Greif & Co. has worked with us in the
past and has many years of knowledge of our business and industry. We think
they are uniquely able to assist us in developing these opportunities."
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 51 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, 1998, 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.
Additional information about Insurance Auto Auctions, Inc. is available on
the World Wide Web at http://www.iaai.com .
SOURCE Insurance Auto Auctions, Inc.
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Related links:
http://www.iaai.com
CONTACT:
Steve Green, Chief Financial Officer of
Insurance Auto Auctions, 847-839-4156; or General Inquiries,
Norha Lee, 312-640-6689, Analyst Inquiries, Alicia DaCosta,
312-640-6780 or Media Inquiries, Bess Gallanis, 312-640-6727, all
of The Financial Relations Board-BSMG Worldwide
NOTE TO EDITORS: For additional information regarding Insurance
Auto Auctions free of charge via fax, dial 1-800-PRO-INFO and use
the company's stock symbol, IAAI
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