KANSAS CITY, Mo., Sept. 5 /PRNewswire/ -- Payless Cashways, Inc.
(OTC Bulletin Board: PCSH), a full-line building materials and finishing
products company, today announced it has entered into an agreement with Ahern
Rentals, Inc., a tool and construction equipment rental company.
Through ongoing customer research, Payless Cashways' professional
customers and project-oriented, do-it-yourself customers have expressed an
interest in renting light and heavy construction tools. Ahern Rentals, which
currently operates 24 rental locations in five states, will open and manage
facilities in Payless Cashways retail sites already in existence.
With the larger equipment being stored in the store's lumberyard and tools
available inside the store showroom, customers can conveniently rent equipment
at the Ahern Rental counter while they are at the store purchasing material
for their projects. Ahern will supply customers with small to medium size
tools, including power tools, saws, compressors, paint sprayers and lawn and
garden items. The company will also offer larger construction equipment such
as Bobcats, trenchers, high-lift cranes and excavators. If the customer does
not have the means to take the rented equipment with them, Ahern offers
job-site delivery.
Commenting on the agreement, Millard E. Barron, president and CEO of
Payless Cashways, Inc. said, "Over the last 18 months, we have made
significant progress toward our goal of becoming a one-stop shop for our pro
customers. In response to customer requests, we have added work apparel and
vehicle maintenance materials to our product mix. Now that we are offering
this important, value-added service to our proposition, we are one step closer
to that goal. Ahern Rental has been in operation for 47 years. They are
leaders in this industry, and we are pleased to be working with them on this
initiative."
"Teaming up with Payless Cashways is a logical step for us," added
Don F. Ahern, president, of Ahern Rental. "We serve the same customer segment,
so it makes sense for us to partner, bringing all the material needed to
complete home maintenance, repair, remodeling and building projects together
at one location."
For the first location, Ahern Rental will move one of its current
facilities in the Las Vegas area to a local Payless Cashways store. Ahern
Rental plans to have the location up and running this October. Going forward
both companies will work together to roll this program out to other Payless
Cashways stores.
Payless Cashways, Inc. operates 150 stores 18 states located in the
Midwestern, Southwestern, Pacific Coast and Rocky Mountain areas. The Company
serves the professional builder, remodel and repair contractor, institutional
buyer and project-oriented consumer. The stores operate under the names
Payless Cashways, Furrow, Lumberjack, Hugh M. Woods, Knox Lumber and
Contractor Supply.
This paragraph is included in this release to comply with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. There are
certain important factors that could cause results to differ materially from
those anticipated by the forward-looking statements made above. Investors are
cautioned that all forward-looking statements involve risk and uncertainty.
Among the factors that could cause different results are: competitor
activities, stability of customer demand, weather, stability of the sales
force, supplier support, consumer spending and debt levels, interest rates,
housing activity, lumber prices, product mix, growth of certain market
segments, an excess of retail space devoted to the sale of building materials
and the success of the Company's strategy. Additional information concerning
these and other factors is contained in the Company's SEC filings, which are
available by contacting the Company or on the Company's web site,
payless.cashways.com .
SOURCE Payless Cashways, Inc.
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Related links:
http://www.payless.cashways.com
CONTACT:
Betty Hilliard of Payless Cashways, Inc.,
816-347-6771 or Elesha Guffey of Ahern Rentals, Inc.,
702-362-0623
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