Managing Partner of Charter Oak International and Former Top Saab Executive Join Board
ORLANDO, Fla., June 10, 2008 -- General Automotive Company (OTC BB:GNAU.OB) (``GA''), a provider of original equipment and aftermarket automotive parts, mobile electronics and related products, today announced that Anthony J. Dowd and Kenneth F. Adams have joined its Board of Directors.
Anthony Dowd is the Managing Partner of the private equity partnership, Charter Oak International Partners, as well as a General Partner of Charter Oak Partners, a 32-year-old equity hedge fund. During his 16 years at Charter Oak, Dowd has directed and led the partnerships' acquisition of, or investment in, privately held businesses. Since founding Charter Oak's private equity business, Dowd and his team have completed more than 45 acquisitions.
Kenneth Adams, who will serve as Chairman of GA's Audit Committee, was Vice President and Chief Financial Officer of Saab Cars USA, Inc., a subsidiary of General Motors Corporation and a wholesale distributor of Saab cars, parts and accessories with annual sales of more than $1 billion, for 13 years. He also served on the company's Board of Directors from 1992 until his retirement in 2005. Adams joined Saab in 1974 as Treasurer and held roles of increasing responsibility over his 31 years with the company. In addition to being responsible for all its financial activities, controls and reporting as CFO, he was a member of the executive team, operations team and chairman of the pension committee.
``Tony and Ken's vast experience in corporate finance and their business insights will be extremely valuable to General Automotive as we pursue our strategy of growth by acquisition,'' commented President and CEO Joseph DeFrancisci. ``It is an honor to have people of their stature join our team and help us further GA's growth and success as we expand our portfolio of operating companies.''
Prior to joining Charter Oak Partners, Dowd was a Senior Associate with James D. Wolfensohn, Inc., a New York-based investment banking firm that advised large domestic and international corporations on mergers and acquisitions. He graduated with distinction from the U.S. Military Academy at West Point with a B.S. Degree in Engineering and earned an M.B.A. from the Wharton School of the University of Pennsylvania. Dowd currently serves on the Board of Directors of several privately held businesses.
Prior to joining Saab in 1974, Adams was an audit manager with Price Waterhouse for six years. A CPA, he received a BS in Finance from Mount Saint Mary's University. He previously served as a Director and Chairman of the Audit Committee for Telzuit Medical Technologies, Inc.
The election of Dowd and Adams brings the total number of General Automotive directors to five.
About General Automotive
General Automotive Company (``GA'') is a provider of original equipment and aftermarket automotive parts, mobile electronics, and related automotive products at multiple levels of distribution throughout the U.S. and internationally. GA, which is focused on expanding its growth platform through the acquisition of successful niche manufacturing companies in the automotive industry, currently has two wholly owned subsidiaries, OE Source and Global Parts Direct. GA uses its relationships with manufacturers in China, Korea and Japan to bring state-of-the-art automotive parts, accessories and products to automobile manufacturers and major parts distributors in the U.S. For more information on GA and its products, please visit http://www.generalautomotive.com.
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 the 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. 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.
Contact:
General Automotive Company
Joseph L. DeFrancisci, President and CEO
407-363-5633
jdefrancisci@generalautomotive.com
Lippert/Heilshorn & Assoc.
Investor Relations Contact:
Elric Martinez
212-838-3777
emartinez@lhai.com
