ATLANTA, Aug 03, 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 located in the state of California.
"These stores expand our presence of Company-operated stores in
California," said R. Charles Loudermilk, Sr., Chairman and Chief Executive
Officer of Aaron Rents. "The entire western United States is an area where we
have substantial growth opportunities, both through the opening of Company-
operated and franchised stores."
The stores were acquired from Sultan Financial Corporation, a franchisee
of Aaron's Sales & Lease Ownership since 1997. The stores are located in
Fontana, Ontario, Pico Rivera, Fullerton, Reseda, and Santa Ana. The current
combined annual revenues of the six stores is approximately $6 million and the
purchase price was $4.8 million cash, subject to final adjustments. Subsequent
to this transaction, Sultan Financial will continue to operate nine franchised
stores in California and has two additional stores currently under
construction and scheduled to open within the next 90 days.
Aaron Rents, Inc. based in Atlanta, currently has more than 1,124 Company-
operated and franchised stores in 46 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.
Gilbert L. Danielson, Executive Vice President, Chief Financial Officer of Aaron
Rents, Inc., +1-404-231-0011, ext. 3334