CARMEL, Ind., May 17 /PRNewswire-FirstCall/ -- ADESA, Inc. (NYSE:KAR) conducted its Annual Meeting of Stockholders today. Stockholders re-elected three directors and amended its certificate of incorporation to provide for the phase-in of the annual election of directors. Directors elected for another term (until the annual meeting in 2009) are: Dennis Green; Nick Smith; and Debbie Weinstein.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051221/DEW014LOGO ) ADESA, Inc. Chairman and CEO David Gartzke addressed stockholders, discussing recent management changes, operational realignment and growth and other strategic initiatives. Chief Financial Officer Cameron Hitchcock, who was recently appointed as President, ADESA Dealer Services Group, presented a summary of 2005 and first quarter 2006 financial highlights, along with historical and financial data.
"Our vision is to be the leader in diversified remarketing and financing services based on sustainable, profitable growth and best-in-class services," said Gartzke. "With our strong management team, significant cash flow generation and attractive business model, I believe our earnings will drive long-term favorable total shareholder return." About ADESA, Inc.
Headquartered in Carmel, Indiana, ADESA, Inc. (NYSE:KAR) is North America's largest publicly traded provider of wholesale vehicle auctions and used vehicle dealer floorplan financing. The company's operations span North America with 54 ADESA used vehicle auction sites, 37 Impact salvage vehicle auction sites and 85 AFC loan production offices. For further information on ADESA, Inc., visit the company's Web site at http://www.adesainc.com/.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding the company's growth, earnings and shareholder return, are subject to certain risks, trends, and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. The statements are based on assumptions about important factors including: general business conditions; market trends; competition; weather; vehicle production; trends in new and used vehicle sales; business development activities, including acquisitions; economic conditions, including exchange rate and interest rate fluctuations; litigation developments; and the other risk factors described in the company's Annual Report on Form 10-K, and other risks described from time to time in the company's filings with the Securities and Exchange Commission. Many of these risk factors are outside of the company's control, and as such, they involve risks which are not currently known to the company that could cause actual results to differ materially from forecasted results. The forward-looking statements in this document are made as of the date hereof and the company does not undertake to update its forward-looking statements. http://www.newscom.com/cgi-bin/prnh/20051221/DEW014LOGO DATASOURCE: ADESA, Inc.
CONTACT: Analyst Contact: Jonathan Peisner, +1-317-249-4390, , or Media Contact: Julie Vincent, +1-317-249-4233, , both of ADESA, Inc.
Web site: http://www.adesainc.com/
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