DETROIT, Mich., July 8, 2004 (PRIMEZONE) -- Ideal Accents, Inc. (OTCBB:IACE), the recently public new car accessorizer with plans for a nationwide industry roll up, said today that the June issue of Restyling Magazine, a leading industry publication, features an interview with Joe O'Connor, Ideal's CEO and co-founder.
Among the topics covered in the wide ranging piece by Cathie Beck are the origins of the company, its extensive range of products, the company's focus on building relationships with new car dealers, and Ideal's carefully planned strategy for national expansion.
On the topic of expansion, O'Connor notes, "We're looking at a number of different potential acquisitions now." He explains that a key focus of the expansion strategy is not merely to grow in size, but also to smooth out the ups and downs stemming from over concentration in any one geographic location, as well as to create a longer selling season.
More on Ideal's Strategy
Expanding on his comments in the article, Mr. O'Connor stated, "With the current weaknesses in domestic auto sales, Ideal is looking to expand outside of the Michigan area where, in contrast to most other markets, domestic makers represent the vast majority of all new auto sales."
He added, "Our focus on the west coast, southwest and Florida also will tend to spread out the "peaks" in our selling season, in that peak auto sales in Michigan are in the late spring and summer, while in the warmer climates they tend to be in the winter."
Progress on Acquisitions
Mr. O'Connor stated further, "Over the past few weeks we have narrowed further our potential near term acquisition targets and stepped up discussions to try to bring these to fruition. We have also pursued a parallel process with respect to financing, as we expect to be using a combination of cash and equity as we proceed with the program."
Ideal said that a copy of the Restyling Magazine article is now available on the company's website: www.idealaccents.com, or it can be accessed directly by clicking http://www.idealaccents.com/investors/restyling1.html.
About Ideal Accents
Ideal Accents, Inc. (OTCBB:IACE), headquartered in Detroit, MI is a leading installer and wholesaler of accessories for cars and trucks at the new vehicle dealer level. An ISO 9001 certified company, Ideal is licensed by leading tier one suppliers to Original Equipment Manufacturers ("OEMs") like GM, Ford and Toyota to sell and install their accessory products on vehicles in the aftermarket. The company and its subsidiaries have over 100 employees at their installation shops and mobile installation units in Metro Detroit, where it serves approximately 78% of the market, Lansing, Michigan and Toronto, Canada, where it serves 40% of the market.
Working directly with and compensated by auto dealers in each area, Ideal installs products that speak to the automotive-related styling and functional needs of customers. These products include sunroofs, leather seats, wheels, keyless entry, GPS navigation systems, TV's, DVD's, CD changers, truck accessories and performance enhancement parts. According to SEMA, a leading market research company in the auto industry, the multi-billion dollar auto accessory business enjoys a steady average annual growth rate of approximately 7.5%. Ideal's goal is to exceed this growth rate by expanding nationally through the opening or acquisition of up to 100 shops coast to coast.
Additional information about the company can be found on its Web site at www.idealaccents.com, including links to its filings with the SEC.
SAFE HARBOR
Information in this news release or on the website may contain statements about future expectations, plans, prospects or performance of Ideal Accents, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Ideal cautions you that any forward-looking information provided by or on behalf of Ideal is not a guarantee of future performance. None of the information on the website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in the website. Ideal Accents, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Ideal's control, in addition to those discussed in Ideal's press releases, public filings, and statements by Ideal's management, including, but not limited to, Ideal's estimate of the sufficiency of its existing capital resources, Ideal's ability to raise additional capital to fund future operations, Ideal's ability to refinance or repay its existing indebtedness. All such forward-looking statements are current only as of the date on which such statements were made. Ideal does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.