PRESS RELEASE MEDIA CONTACTS: Car-Part.com Roger Schroder (859) 344-1925 Roger@Car-Part.com CCITRIAD David Lord - Blanc & Otus (512) 335-8771 x13 dlord@blancandotus.com Car-Part.com to Acquire CCITRIAD’s Automotive Recycling Division Customers to Receive Access to Internet Services and Renowned Customer Service Fort Wright, Kentucky and Austin, Texas - May 16, 2003 - Car-Part.com, a leading provider of Web services for auto recyclers, today announced an agreement with CCITRIAD, a leading provider of data services and management and information systems for the automotive aftermarket and hardlines and lumber industries, to acquire the assets of CCITRIAD’s Automotive Recycling Division (ARD). The agreement includes the purchase of ARD’s software, systems, Hollander Interchange License and other assets. CCITRIAD’s ARD group has more than 1,200 customers in the U.S. and Canada. ARD’s customers use three distinct products: Orion™, Checkmate® and Compass™ for optimized parts searches, inventory management and communications. Car-Part.com intends to integrate the ARD business operations and employees into Car-Part.com’s operations upon completion of the acquisition. Terms of the agreement call for the transition to begin immediately upon closing and to be seamless to Auto Recyclers. Economic terms of the agreement were not disclosed. Once the acquisition is completed, Car-Part.com plans to adopt a best of breed approach to enhance the Orion, Compass, and Car-Part.com services to work together more seamlessly and to execute world class customer service standards across all product lines. Plans also call for Car-Part.com to offer its Web services to all Checkmate, Orion, and Compass customers and to accelerate investments in ARD products to better support the needs of the Auto Recycler. "The industry is increasingly demanding software and technology that connects recyclers to all of its customers", said Jeff Schroder, president of Car-Part.com. "We are excited to provide Checkmate customers’ access to the many new buyers provided by Car-Part.com’s services including 1700 recyclers, Internet buyers, shops and adjusters accessing recycled parts integrated within the estimating systems of our partners. This furthers our goal of providing Internet services to any recycler independent of their Inventory Management System." ABOUT CAR-PART.COM Car-Part.com was the first service to offer auto recycler inventory on the Web. On-line since May 1998, Car-Part.com is a leading provider of Web services for recyclers. Car-Part.com's turnkey solution provides inventory searching, web hosting, design, promotion, and email services to recyclers. Additionally, its Trading Partner service gives recyclers custom parts locating with "hot-key" access from their Inventory Management System. Car-Part.com currently serves 57 million parts from 1700 recyclers. The service generates 900,000 hits and 78,000 part searches per day and successfully sells recyclers' parts. For more information, contact Roger Schroder at 859-344-1925 (email: info@Car-Part.com), or visit the Car-Part.com web site at www.Car-Part.com. ABOUT CCITRIAD CCITRIAD (www.ccitriad.com) is a leading provider of data services, management and information systems for the automotive aftermarket and hardlines and lumber industries. The company offers the most comprehensive set of solutions, including content-rich database products, turnkey computer systems, highly specialized customer support and maintenance service options, and business consulting. CCITRIAD’s domain expertise helps its customers improve service levels, reduce inventory costs and increase profitability. The statements contained in this release which are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements as to as to the transition of the ARD business, the fit between the Car-Part.com products and services with those of CCITRIAD, the working relationship between Car-Part.com and CCITRIAD and the opportunities for our customers. Investors are cautioned that forward-looking statements are inherently uncertain and subject to risks. Actual results may differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause such a difference include but are not limited to those risks and uncertainties surrounding the ability of CCITRIAD and Car-Part.com to close the transactions contemplated by the operative agreements, to transition the ARD business and to work together in the future as well as those other risks and uncertainties identified in CCITRIAD's (Cooperative Computing, Inc.) most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each of which have been filed with the Securities and Exchange Commission. CCITRIAD and Car-Part.com assume no duty to update information contained in this document at any time. All company or product names are trademarks and/or registered trademarks of their respective companies. |