TBC Corporation Announces Expiration of Hart-Scott-Rodino Act Waiting Period
November 08 2005 - 10:01AM
PR Newswire (US)
PALM BEACH GARDENS, Fla., Nov. 8 /PRNewswire-FirstCall/ -- TBC
Corporation (NASDAQ:TBCC), one of the nation's leading marketers of
automotive replacement tires, today announced that the waiting
period under the Hart- Scott-Rodino Antitrust Improvements Act of
1976, applicable to the proposed acquisition of TBC Corporation by
Sumitomo Corporation of America, has expired. The proposed
acquisition remains subject to the satisfaction of other customary
closing conditions, including the approval of the transaction by
TBC Corporation's stockholders at a special meeting scheduled for
November 15, 2005. About TBC: TBC Corporation is one of the
nation's largest marketers of automotive replacement tires through
a multi-channel strategy. The Company's retail operations include
company-operated retail centers under the "Tire Kingdom,"
"Merchant's Tire & Auto Centers" and "National Tire &
Battery" brands and franchised retail tire stores under the "Big O
Tires" brand. TBC markets on a wholesale basis to regional tire
chains and distributors serving independent tire dealers throughout
the United States and in Canada and Mexico. The Company's
proprietary brands of tires have a longstanding reputation for
quality, safety and value. TBC Corporation Safe Harbor Statement
This document contains "forward-looking statements," as that term
is defined under the Private Securities Litigation Reform Act of
1995, regarding expectations for future financial performance,
which involve uncertainty and risk. It is possible that the
Company's future financial performance may differ from expectations
due to a variety of factors including, but not limited to: changes
in economic and business conditions in the world; increased
competitive activity; consolidation within and among competitors,
suppliers and customers; unexpected changes in the replacement tire
market; the Company's inability to attract as many new franchisees
or open as many distribution outlets as stated in its goals;
changes in the Company's ability to identify and acquire additional
companies in the replacement tire industry and successfully
integrate acquisitions and achieve anticipated synergies or
savings; fluctuations in tire prices charged by manufacturers,
including fluctuations due to changes in raw material and energy
prices, changes in interest and foreign exchange rates; the
cyclical nature of the automotive industry and the loss of a major
customer or program. It is not possible to foresee or identify all
such factors. Any forward-looking statements in this release are
based on certain assumptions and analyses made by the Company in
light of its experience and perception of historical trends,
current conditions, expected future developments and other factors
it believes are appropriate in the circumstances. Prospective
investors are cautioned that any such statements are not a
guarantee of future performance and actual results or developments
may differ materially from those projected. The Company makes no
commitment to update any forward-looking statement included herein,
or to disclose any facts, events or circumstances that may affect
the accuracy of any forward-looking statement. Additional
information on factors that could potentially affect the Company or
its financial results may be found in the Company's filings with
the Securities and Exchange Commission. DATASOURCE: TBC Corporation
CONTACT: Thomas W. Garvey, Executive V.P. & Chief Financial
Officer of TBC Corporation, +1-561-227-0955; or Investors, Betsy
Brod or Jonathan Schaffer, both of Brod & Schaffer, LLC,
+1-212-750-5800 Web site: http://www.tbccorp.com/
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