MURRIETA, CA -- 10/02/07 --
Franchise Capital Corporation (PINKSHEETS: FCCN) today announced that two of the company's directors have submitted
their resignations to the Board as part of the management transition in
advance of the close of Franchise Capital's pending acquisition of Aero
Exhaust.
The resignations will be included in an upcoming Current Report on Form 8-K
filed with the Securities and Exchange Commission.
Directors Jim Bickel and Gary Nerison have tendered their resignations,
which have been accepted by Robert McCoy, the chairman and sole remaining
member of the Board. New directors are expected to be named within the
next several days.
Mr. Bickel and Mr. Nerison have served Franchise Capital as independent
directors since January 2, 2007, when they were appointed to assist with
the management and oversight of the company as it executed its acquisition
of Aero Exhaust. In addition to serving as directors, Mr. Bickel served as
chairman of the investment committee and as a member of the audit
committee, and Mr. Nerison served as chairman of the audit committee and as
a member of the investment committee.
"Mr. Bickel and Mr. Nerison served the company and its shareholders very
well during the transition period from 'shell' company up to the point that
we are preparing for the close of our acquisition of Aero Exhaust," stated
chief executive officer Steven R. Peacock. "Their experience and
understanding of the public company arena has made the management of this
process much easier, and we would like to thank them for their service to
Franchise Capital."
"We look forward to the appointment of new directors to serve Aero Exhaust
as it moves forward as the operating entity within the public company. We
are confident that the new Board members will serve the company as well as
Mr. Bickel and Mr. Nersion have," Mr. Peacock added.
Aero Exhaust (www.aeroexhaust.com) is a leader in performance exhaust
airflow technology and NASCAR Performance Partner. Franchise Capital, a
fully reporting "shell" company, has been positioned to serve as the public
vehicle for Aero Exhaust and has provided $1.9 million in financing in the
form of a commercial loan to Aero as part of the transaction. The value of
the loan and any accrued interest are convertible into Aero Exhaust common
stock at the time the share exchange closes.
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Corporation, including notices when the company issues future investor
newsletters, please visit http://www.franchisecapitalcorp.net.
About Aero Exhaust:
Aero Exhaust is a world leader in performance exhaust airflow technology,
manufacturing and distributing the most technologically advanced muffler on
the market. Its product lines are built to the highest industry standards
and offer the consumer a lifetime warranty. Aero Exhaust has been issued
U.S. and Australian patents on its innovations and development in the
exhaust industry, and its mufflers are available worldwide through major
retailers, mass merchant centers, automotive aftermarket supply stores and
wholesalers. Aero Exhaust mufflers are an exclusive National Association
for Stock Car Auto Racing (NASCAR) Performance product and carry the
prestigious NASCAR brand on product, packaging and related media. NASCAR
legend Rusty Wallace is the official spokesperson for Aero Exhaust
products. Additional information on Aero Exhaust's products, race team,
and motorsports ventures can be found on its corporate website,
www.aeroexhaust.com.
Safe Harbor Statement: The statements in this release that relate to
future plans, expectations, events, performance and the like are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the Securities Exchange Act of 1934.
Actual results or events could differ materially from those described in
the
forward-looking statements due to a variety of factors, including the lack
of funding, inability to complete required SEC filings, and others set
forth in the Company's report on Form 10-K/A for fiscal year 2006 filed
with the Securities and Exchange Commission.
CONTACT:
Gemini Financial Communications, Inc.
A. Beyer
951-677-8073
Email Contact
