ATLANTA, GA -- (Marketwired) -- 06/17/13 -- Speedemissions, Inc. (OTCBB: SPMI), a leading vehicle emissions testing and safety inspections company with stores in Atlanta, Houston, St. Louis and Salt Lake City, today announced another major expansion in its business model. With the backdrop of over ten years experience in operating emission testing locations in the parking lots of major retail chains, Speedemissions is moving into a new market with the opening of up to 24 emission testing stores over the next two years. Plans call for the roll-out to consist of three phases beginning with the first 8-10 stores opening in early 2014 and continuing through 2015. These stores will provide an easy, convenient way for shoppers to get their vehicle emission test done while patronizing all the retailers in the center. In addition, the new emission testing stores will be selling a select amount of related automotive merchandise.
Rich Parlontieri, President/CEO of Speedemissions, stated, "Partnering with First United Equity to get this concept off the drawing board and on the ground has taken us a good while. They have a successful track record in joint ventures such as this with large retail chains. Now that we've agreed to move forward with this LOI, we are very enthused about this new venture and the opportunity we have to carve out a special niche in the test only market. Coupled with our recent commitment to the SpeedEmissions Car Care Stores, we're encouraged that the company will remain a leader in the vehicle emission testing marketplace."
"We are extremely excited about this Joint Venture and the future expansion opportunities. We believe this will be a great opportunity and are happy to be working with such a seasoned operator who brings a drive to be the best of breed in its operations," added Jason Earl, President of First United Equity Corp.
About Speedemissions, Inc.
Speedemissions, Inc., based in Atlanta, Georgia, is a national brand offering our customers quick and efficient emission testing and/or safety inspection as required by law. The Company is in the Atlanta, GA. Houston, TX, Salt Lake City, UT and St. Louis, MO markets. The Company has expanded its business model through its newly introduced SpeedEmissions Car Care Stores and SpeedEmissions Car Care franchise unit. Speedemissions hopes to be among the first companies to offer its customers quick and efficient vehicle emissions testing and repair services. In addition, Speedemissions owns and developed the CARbonga line of apps for smart phone users. CARbonga is the first app which allows the average person to detect automotive car problems for their own vehicle or when buying a used vehicle.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to market acceptance for Speedemissions' products and services, its ability to succeed in increasing revenues in the near term to attain profitable operations and generate sufficient cash flow from operations, the effect of new competitors in its markets, its integration of acquired businesses, and other risk factors identified from time to time in its filings with the Securities and Exchange Commission, including Speedemissions' Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K which are available at the SEC's website www.sec.gov. Other factors not currently anticipated may also materially and adversely affect Speedemissions' results of operations, financial position, and cash flows. There can be no assurance that future results will meet expectations. While Speedemissions believes that the forward-looking statements in this news release are reasonable, the reader should not place undue reliance on any forward-looking statement. In addition, these statements speak only as of the date made. Speedemissions does not undertake, and expressly disclaims any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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