SAN CLEMENTE, Calif., Aug. 8, 2006 (PRIMEZONE) -- Patriot Motor Corporation (Pink Sheets:PMCY), parent company of Patriot Motorcycle Corporation, today announced it has established a comprehensive dealer flooring program for its Steed(R) by Patriot(TM) brand of V-Twin Musclebike(R) Motorcycles with the Textron Financial division of Textron, Inc. (NYSE:TXT).
For more than 30 years, Textron Financial has provided sound financial solutions to help its network of over 13,000 manufacturers, distributors and dealers stock and move goods -- and to proactively manage their business relationships -- with a revolving line of credit that ranges from $50,000 to $10 million for distributors and dealers and $2 million to $15 million for manufacturer programs.
Michel Attias, CEO and President of Patriot Motor Corporation, stated, "Textron Financial will offer financing solutions to our dealers. This relationship will provide the credit lines, quality service and flexible programs necessary for all of us to grow the business now and into the future."
In a second related announcement, the Company also today announced that Patriot Motorcycle Corporation has been recognized and approved by GEICO Indemnity Company for all customers purchasing Patriot brand motorcycles to arrange immediate coverage via its comprehensive GEICO(C) Motorcycle Insurance Program.
Starting immediately, Patriot Motorcycle customers will be able to obtain quick and easy, on-the-spot coverage at time of purchase with one simple toll-free call to 1-800-44-CYCLE.
"These two agreements represent further confirmation of the Steed(R) by Patriot(TM) brand's emergence and growing acceptance in the burgeoning Custom V-Twin marketplace," states John Covington, Steed(R) Musclebike(R) Motorcycles creator, designer and Director of Design and Development for Steed(R) by Patriot(TM) Motorcycles.
About Patriot Motor Corporation
Patriot Motor Corporation (PMCY) is the parent company of Patriot Motorcycle Corporation -- exclusive distributor of the Patriot OffRoad (TM) line of Dirt Bike motorcycles and All-Terrain Vehicles (ATVs) and a line of domestic V-Twin custom and production street bikes branded under the names Steed(R) by Patriot(TM) 300 Series and Patriot(TM) V-Twin Musclebikes(TM) 200 Series.
Other divisions include Patriot Marine Industries -- performance watercraft design and engineering -- and Patriot Productions, which produces the nationally syndicated weekly television show "Steel Dreams," currently reaching 75 million households. The company and its management are firmly committed to building the Patriot(TM) brand, to building a significant and substantial Domestic and International dealer organization and to distributing the finest products that consistently challenge and/or out-price competitors by as much as 50%. Additional Patriot branded products and accessories are also being continually evaluated and offered. For more information visit www.patriotmotorcorp.com and www.steeldreams.tv.
The Patriot Motor Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2159
About Textron Financial Corporation
Textron Financial is a diversified commercial finance company with $9 billion in managed receivables. It has core businesses in Aviation Finance, Asset-Based Lending, Distribution Finance, Golf Finance, Resort Finance, and Structured Capital. Textron Financial also provides financing programs for products manufactured by its parent company, Textron Inc. Additional information about the company is available at www.textronfinancial.com.
Note: Statements contained in this release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1934, as amended. These forward-looking statements are made based upon information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risk and uncertainties and the company's actual results may differ from these forward-looking statements. Such risks and uncertainties include, but are no limited to, demand for the company's products and services, Patriot Motorcycle Corporation's (PMCY) ability to continue to develop its market, general economic conditions and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.