| Coach Industries Group Announces $3 Million in New Orders
Company Expects 2004 Annual Revenues to Exceed $25 Million November 2003 (Newstream) -- Coach Industries Group, Inc. (OTC BB: CIGI) ("Coach") a diversified holding company focused on the luxury automotive and limousine manufacturing industry, announced today it has recently received new orders for limousines totaling approximately $3 million. Based on current order flow and market activity, the Company expects 2004 revenues will exceed $25 million The Company's new orders were evenly split between its two wholly-owned subsidiaries, Springfield Coach Industries Corporation, Inc. ("Springfield") (www.limoland.com) and Commercial Transportation Manufacturing Corporation ("CTMC") (www.uscoach.com). Springfield received $1.5 million in new orders for premium limousines, while CTMC received $1.5 million in new orders for its recently debuted 2004 CTMC Sprinter Limo Bus. CTMC received enormous initial interest and fanfare from limousine operators at the debut of its new 2004 Sprinter Limo Bus at the Limo Digest Show held in Atlantic City, NJ from November 9, 2003 through November 12, 2003. The 2004 CTMC Sprinter is built on a Dodge chassis and fills a void in the marketplace for products that carry 12-14 passengers with a price point below $70,000. Commenting on the launch of the CTMC Sprinter, William Gravitt, President of CTMC, stated, "Our market research indicated there was a need for such a product with the CTMC Sprinter's capacity and at a price point under $70,000. Customers at the Limo Digest show were standing six-people deep just to get a look. The best testament to the customer reaction to our new CTMC Sprinter is that we took 22 orders for the $68,000 vehicle totaling approximately $1.5 million dollars." Peter Albano, President of New York-based Amex Limousines, one of the largest companies out of the approximately 14,000 limousine operators in the US, commented, "The CTMC Sprinter is a stroke of genius. The CTMC Sprinter's 14 passenger capacity provides limousine operators the opportunity to deliver customers greater value and a more affordable solution to their transportation requirements." John Bumgarner, Chairman of Coach, commented, "The sizeable attendance at the recent Limo Digest show and our new orders confirms our belief that we are beginning to see a significant cyclical upturn in business stemming primarily from pent-up demand from limousine service companies which have deferred purchases of new limousines throughout the economic recession. Coach is extremely well positioned to take advantage of this upturn in the market." Coach completed earlier this month the acquisition of the assets of Springfield, Mo-based Springfield Coachbuilders, Inc., one of the oldest and most respected limousine manufacturers in the United States. In September 2003, Coach acquired Islip, NY-based Commercial Transportation Manufacturing Corporation, the manufacturer of the US Coach line of premium limousines. Coach Industries has several automotive related projects in negotiation and development which will expand and diversify the Company's revenue base. SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks identified in our annual report on Form 10-K and other filings with the SEC. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and Coach Industries Group, Inc. undertakes no obligation to update such statements.
|
|
|