ATLANTA, March 1, 2005 /PRNewswire-FirstCall via COMTEX/ -- 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 six Aaron's
Sales & Lease Ownership franchised stores.
"We are pleased to purchase these excellent stores," said R. Charles
Loudermilk, Sr., Chairman and Chief Executive Officer of Aaron Rents. "They
are located in large population areas and this acquisition will give us the
opportunity to expand our presence in these markets by opening additional
Company-operated stores."
The stores were acquired from RNTL Holding, Inc., a franchisee of Aaron's
Sales & Lease Ownership since 1996. The stores are located in Poughkeepsie,
Schenectady, Albany, Troy, Kingston, and Hudson, New York. In 2004 the
combined revenues of the six stores was $8.2 million and the purchase price
was $7.3 million cash, subject to final adjustments. With this acquisition,
Aaron's Sales & Lease Ownership will have currently six Company-operated
stores and 18 franchised stores open in the state of New York.
Aaron Rents, Inc. based in Atlanta, currently has more than 1,045 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
2003, which discussion is incorporated herein by this reference.
SOURCE Aaron Rents, Inc.
Gilbert L. Danielson, Executive Vice President, Chief Financial Officer of Aaron
Rents, Inc., +1-404-231-0011, ext. 3334
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