Pickups Plus to Form Joint Venture in China; To Distribute ValuGard Car Care Product Line
May 05 2005 - 8:30AM
Business Wire
Pickups Plus, Inc. (OTC BB: PUPS), announced today that it has
signed a Letter of Intent to form a joint venture in the People's
Republic of China which will market and distribute the popular
ValuGard(TM) line of car care and environmental protection products
in the PRC. Merritt Jesson, president and CEO of Pickups Plus, said
the non-binding LOI, signed with the Jinche Yingang Automobile Co.
of Beijing, sets guidelines for a joint venture, which will have
exclusive distribution rights for the ValuGard product line in
China. He said the due diligence process "will start immediately,
as both companies are anxious to move forward as quickly as
possible. "We have all heard of the tremendous business
opportunities in China and the importance of partnering with a
company there that knows the market and the industry marketplace,"
Mr. Jesson said. "In partnering with Jinche Yingang, we are
confident that this vital first step has been accomplished. "As
China's industrialization and modernization accelerates, its
automotive industry is expected to be among those at the
forefront," he said. "And as the Chinese auto industry puts
literally millions of cars on the road, these vehicles will need
high quality care and protection products such as we currently
market and distribute under the ValuGard name through our Auto
Preservation subsidiary in the U.S." Two ValuGard Lines to be
distributed Mr. Jesson said the joint venture distribution and
marketing company formed by Pickups Plus and Jinche Yingang - to be
known as JV - will offer both of ValuGard popular product lines: -
ValuGard Professional-Grade Car Care Products, including glass
cleaner, rubber dressing, car wash soap, bug and tar remover,
one-step polish, wheel cleaner, wax, carpet and vinyl cleaner, and
leather cleaner and conditioner, used by professional detailers in
the U.S. and recently introduced at automotive specialty stores,
and - ValuGard Environmental Protection Products, including paint
sealant, undercoating, rust proofing, and leather/vinyl and
fabric/carpet protectors, which are used by automotive dealerships
worldwide. Many of the largest vehicle manufacturers, including
General Motors(R), Ford(R), Daimler Chrysler(R), Toyota(R),
Mazda(R), Hyundai(R), Nissan(R), Renault(R), Saturn(R) and Saab,
rely on ValuGard products for their own use, for factory defect
resolution, and/or private-label ValuGard products for resale in
their dealerships. 'Bringing the Best Auto Care Products to China'
Pang Gui-San, chairman of Silver Harbor Car Center of Beijing,
representing the Jinche Yingang Automobile Company, said he was
"very happy to be bringing the best auto care and protection
products to China. "The ValuGard name is widely known for
professional-quality care," he said. "It is our hope and belief
that ValuGard will be instrumental in helping make the joint
venture between Jinche Yingang and Pickups Plus a success and a
leader in the emerging auto aftermarket here." About Pickups Plus,
Inc. Pick-Ups Plus, Inc. (OTC BB: PUPS, www.pickupsplus.com) is a
retail operator and franchiser of automotive parts and accessories
stores catering to the light truck and SUV market, with five
franchised locations in the U.S. and two company owned-stores. It
markets and distributes the ValuGard line of professional car care
products through its Automotive Preservation, Inc., subsidiary, to
automotive dealerships for new vehicle preparation, as well to
detailing shops and automotive specialty stores. About Jinche
Yingang Automobile Co. Jinche Yingang Automobile Co. is a Beijing
PRC-registered company specializing in automobile sales, financing,
insurance and repair. This press release contains forward-looking
statements within the meaning of section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
With the exception of historical information contained herein, the
matters discussed in this press release involve risk and
uncertainties. Actual results could differ materially from those
expressed in any forward-looking statement. ValuGard is trademark
of Automotive International, Inc. All other trademarks are
trademarks are properties of their owners.
Pick Ups Plus (CE) (USOTC:PUPS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pick Ups Plus (CE) (USOTC:PUPS)
Historical Stock Chart
From Jul 2023 to Jul 2024