The stores will enter the Aaron's franchise system and operate as Aaron's
Sales & Lease Ownership stores. In addition, as part of the transaction,
Alliance will acquire one of Aaron's current Company-operated stores and merge
it with its newly franchised Aaron's Sales & Lease Ownership store in Wichita
Falls, Texas. Simultaneously, Aaron Rents will acquire two of Alliance's
other stores and merge them into existing Company-operated Aaron's Sales &
Lease Ownership stores. Alliance will sell its remaining store to Briley
Investments, Inc. who converted its Rent City stores to the Aaron's Sales &
Lease Ownership franchise system last month.
Alliance has also entered into an area development agreement to open three
additional franchised Aaron's Sales & Lease Ownership stores over the next
several years. All of the stores involved are located in the state of Texas.
"We are excited about Alliance joining our franchise program through the
conversion of its stores into the Aaron's system," said R. Charles Loudermilk,
Sr. Chairman and Chief Executive Officer of Aaron Rents. "We also feel
numerous opportunities exist in the near future to convert other rental
operators into Aaron's Sales & Lease Ownership franchisees."
Aaron Rents, Inc. based in Atlanta, currently has more than 1,300 Company-
operated and franchised stores in 47 states and Canada 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 12 facilities in five 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 "Risk Factors" in the Company's
Registration Statement on Form S-3, file number 333-133913, filed with the
Securities and Exchange Commission on May 9, 2006, which discussion is
incorporated herein by this reference. Statements in this release that are
"forward-looking" include without limitation Aaron Rents' projected revenues,
earnings, and store openings for future periods.
SOURCE Aaron Rents, Inc.
Gilbert L. Danielson, Executive Vice President and Chief Financial Officer, of Aaron
Rents, Inc., +1-678-402-3334
http://www.aaronrents.com/