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ORLANDO, FL, May 14, 2009 (MARKETWIRE via COMTEX News Network) -- General Automotive Company (OTCBB: GNAU), a North American provider of aftermarket parts and advanced technology for the automotive industry, today announced it has engaged New York-based investment banker Jesup & Lamont Securities Corp. to assist the Company in raising growth capital.
Joseph DeFrancisci, president and CEO of General Automotive, said Jesup & Lamont will introduce General Automotive to potential investors in one or more transactions expected to include some combination of debt and equity. There is no assurance Jesup & Lamont and/or General Automotive will be successful in raising capital.
"We are pleased that Jesup & Lamont will be assisting us in raising the capital we need to strengthen operations and advance our acquisition strategy," said DeFrancisci, president and CEO of General Automotive. "Jesup & Lamont is one of Wall Street's oldest investment banks and has a solid track record of helping emerging growth companies with their capital requirements. We look forward to working closely with them on our capital formation plan."
Donald A. Wojnowski, president and CEO of Jesup & Lamont Holdings, said, "We are attracted to General Automotive's strong and seasoned management team and its compelling strategy in the rapidly growing automotive aftermarket parts and supplies industry. We are looking forward to helping the Company raise the capital it needs to execute its business plan."
About Jesup & Lamont
Established in 1877, Jesup & Lamont has an extensive history on Wall Street, with its origins encompassing such successes as providing brokerage services to Standard Oil and raising capital for the construction of Rockefeller Center. Jesup & Lamont, through wholly owned subsidiaries, offers full service broker-dealer and registered investment advisory services through its approximately 150 registered representatives in over 20 locations including offices in New York, San Francisco, Boston, Boca Raton, Chicago, Fort Lauderdale and Orlando. The Company's Jesup & Lamont Securities Corporation subsidiary also publishes proprietary research on several industries including Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare and offers comprehensive investment banking services.
About General Automotive Company
General Automotive Company ("GAC") is focused on expanding its operating growth platform through multiple and ongoing acquisitions of successful niche manufacturing companies in the automotive industry. General Automotive's wholly owned subsidiary, OE Source ("OES"), imports and sells hard-to-get auto parts from proprietary sources domestically and abroad, fulfilling critical portions of its customers' supply chain. These customers include large, multi-national distributors. OES specializes in engine management products such as O2 sensors, which is a rapidly growing and government mandated segment of the auto supply industry. General Automotive is also a partner in the Advanced Composite Technology joint venture with SenCer Inc., the advanced ceramics research laboratory whose proprietary "Ultra-Temp" technology is a potential game changer in the fields of oxygen sensors and SOFC fuel cells for powering automobiles.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. Specifically, the Company's ability to raise additional capital and execute its business plan and strategy are forward-looking statements. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Company Joseph L. DeFrancisci President & CEO 407-363-5633 Email Contact Investor Relations Jay Pfeiffer Pfeiffer High Investor Relations, Inc. 303-393-7044 Email Contact
SOURCE: General Automotive
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