Sarasota, Florida [April 9, 2008] - CarBiz Inc. (CBZFF: OTCBB), the fourth largest Buy Here Pay Here car dealership chain in America, has announced hiring Pointe Atlantic, Inc. out of Tampa, Florida to help CarBiz with investment banking and attracting additional institutional investors.
The agreement is effective immediately and should stimulate interest with Pointe Atlantic’s existing customer base across the United States including New York, California, and Florida. With introductions to various institutional clients, Pointe Atlantic will help CarBiz with future investment capital needs.
CarBiz has already made itself known in the institutional investment arena. Over the last two quarters it announced a $110 million funding package to facilitate its buy here pay here business; it acquired 26 dealerships in the Midwest, and it opened its first Superstore to start the year.
The Pointe Atlantic, Inc. team brings over 25 years of experience in using extensive financial and operational models. Pointe Atlantic’s principal, Mr. Peter M. Peterson, has supervised over twenty five private placements (ranging from $1,000,000 to $20,000,000) and various underwriting. In addition, Mr. Peterson has been involved in over 30 mergers and acquisitions and has served as a director for a variety of companies, both public and private.
CarBiz CEO Carl Ritter said, “When you combine our funding package, acquisition, and new Superstore, CarBiz is showing that it is a major player in the buy-here pay-here car financing market and our agreement with Pointe Atlantic will help us take our business to the next level for those in the institutional field.”
Pointe Atlantic President Peter M. Peterson added, “CarBiz can certainly be proud of the way it is has moved its business up to this point. We look forward to helping CarBiz take its business to the next level by leveraging our contacts with institutional bankers and investors.”
About CarBiz Inc.
Based in Sarasota, Florida, CarBiz owns and operates the nation’s fourth-largest chain of “buy-here pay-here” dealerships through its CarBiz Auto Credit division. The company is also a leading provider of software, training and consulting solutions to the United States automotive industry. CarBiz’s suite of business solutions includes dealer software products focused on the “buy-here pay-here,” sub-prime finance and automotive accounting markets. Capitalizing on expertise developed over 10 years of providing software and consulting services to “buy-here pay-here” businesses across the United States, CarBiz entered the market in 2004 with a location in Palmetto, Florida. CarBiz has added two more credit centers since – in Tampa and St. Petersburg – and recently acquired a large regional chain in the Midwest, bringing the total number of dealerships to 26 in eight states. For more information about CarBiz and its services, visit CarBiz’s web site: www.CarBiz.com.
About Pointe Atlantic
Pointe Atlantic, Inc. (“Pointe Atlantic” and/or “Pointe”) is a broker dealer based out of Tampa, FL. Pointe Atlantic specializes in business growth and funding strategies, mergers and acquisitions, divestitures, and strategic management services.
The Pointe team offers a wealth of experience in developing and implementing effective business strategies. Team members focus on understanding client needs and exceeding expectations. The Company provides strategic planning and financial direction with a high level of expertise for bottom line results with exceptional execution on every transaction.
Pointe Atlantic chooses to develop and maintain client relationships with clients whom it believes will be able to execute long-term strategies that will deliver significant returns to investors. To succeed in the current environment, investment banks must be able to conceive and to communicate creative solutions, which meet the capital needs of companies and the investment goals of investors. As a result, Pointe Atlantic’s investment banking focus is nationwide and, to an increasing extent, international in scope.
Forward-Looking Statements
All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future growth plans and objectives of CarBiz. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements as a result of known and unknown risks, uncertainties and other factors. Such factors that could cause actual results and future events to differ from those anticipated in such statements include, but are not limited to, the market acceptance of CarBiz’s Auto Credit Centers, the ability of CarBiz to effectively deploy the funds received from the convertible debenture financing, the ability of CarBiz to close on additional tranches of the convertible debenture financing, the possibility that the liquidated damage provisions or the default provisions could be triggered under the terms of the convertible debenture financing which could be adverse to CarBiz, CarBiz’s ability to measure the default rate of its borrowers, competition, the impact of any changes in applicable government regulation and general economic conditions. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. CarBiz assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
Investor Relations
CarBiz Inc.
Jennifer Downey
1-800-654-4955 ext. 1203
Website: www.carbiz.com
AGORACOM Investor Relations
http://www.agoracom.com/IR/carbiz
http://www.carbiz.com
CBZFF@agoracom.com
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