Aaron Rents, Inc. Acquires Rental Stores in Texas

Jun 20, 2005

ATLANTA, June 20 /PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE: RNT), the nation's leader in the sales and lease ownership, specialty retailing and rental of residential and office furniture, consumer electronics and home appliances and accessories, today announced the acquisition of a chain of rental stores in Texas.

"The state of Texas has always been a strong market for us," said R. Charles Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents. "We will merge the majority of the rental volume of these acquired stores into our nearby existing Aaron's Sales & Lease Ownership locations which will increase both the volume and profitability of those stores."

The stores were acquired from R20, LLC doing business as Rent2Own, LLC and are located in Houston, Austin, San Antonio, Laredo and Corpus Christi. Rent2Own's most recent monthly rental volume approximated $620,000. Eight of the 21 Rent2Own stores acquired will be operated as new Aaron's Sales & Lease Ownership stores with the rental contracts of the other 13 stores being merged into existing Aaron's stores. Six of the vacated Rent2Own stores will be converted into RIMCO stores, a tire and rim rental concept being tested by Aaron's Sales & Lease Ownership in a few selected markets.

Aaron Rents, Inc., based in Atlanta, currently has more than 1,090 Company-operated and franchised stores in 45 states, Canada, and Puerto Rico for the rental and sale of residential and office furniture, accessories, consumer electronics and household appliances. The Company also manufactures furniture, bedding and accessories at 10 facilities in four states.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release regarding Aaron Rents, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include factors such as changes in general economic conditions, competition, pricing, customer demand and other issues, and the risks and uncertainties discussed under "Certain Factors Affecting Forward Looking Statements" in the Company's Annual Report on Form 10-K for fiscal 2004, which discussion is incorporated herein by this reference.

SOURCE Aaron Rents, Inc.