DALLAS, May 2 /PRNewswire-FirstCall/ -- Manchester Inc. today announced the appointment of Anthony Hamlin as Senior Vice President and Chief Accounting Officer effective as of April 25, 2007. He will assist with the operational development of Manchester's "Buy-Here/Pay-Here" car business.
Prior to joining Manchester Inc., Mr. Hamlin served as Chief Financial Officer for F.S. English, Inc. d/b/a J.D. Byrider, for 10 years where he was responsible for all financial operations reporting, modeling and projecting in their Buy-Here/Pay-Here businesses. He developed and implemented all daily accounting reporting, operational and cash control procedures in a multi unit environment. He used statistical methods and financial modeling to price the discounts by which the Finance Company purchased receivables from the Sales Company, set the Finance Company's loan loss reserve, set deal structure parameters for vehicle sales (including price, gross margin, amount financed, interest rate, term, and down payment), priced the Sales Company's extended service contract, budget, and projected future cash flow for purposes of annual budgeting and operations.
Lawrence Taylor, Executive Vice President and Chief Financial Officer of Manchester, commented, "We are very pleased to have Tony join Manchester. His addition adds to our accounting depth, particularly at the operational level. Tony, along with the additional manpower that we expect to add under his direct supervision, will help to ensure that Manchester's aggressive acquisition strategy is being implemented with advanced accounting and financial oversight.
Mr. Hamlin has served as a training consultant in areas of Buy-Here/Pay- Here Accounting, Cash and Controls, and daily reporting procedures. He also served multiple terms on the J.D. Byrider National Franchise Group's Computer Steering Committee, Operations Committee and Software Selection Task Force.
Mr. Taylor added that Tony's training experience and expertise in all financial and organizational aspects of multi unit Buy-Here/Pay-Here accounting, cash controls, policy and procedure implementation and management will be very important in integrating new newly acquired companies into the financial and accounting systems and controls by which Manchester operates.
Mr. Hamlin graduated from Indiana University and is a registered CPA. He also worked for three years as a Staff Accountant for a CPA firm and five years as Commercial Lending Credit Auditor for a large regional bank.
About Manchester Inc.
Manchester, headquartered in Dallas, Texas, is seeking to create the preeminent company in the "Buy-Here/Pay-Here" auto business. Manchester intends to sell acquired and newly generated receivable portfolios through a securitization process. Buy-Here/Pay-Here dealerships sell and finance used cars to individuals with limited credit histories or past credit problems, generally financing sales contacts ranging from 24-48 months.
On October 4, 2006, Manchester acquired Nice Cars, Inc. and Nice Cars Capital Acceptance Corporation. Nice Cars, Inc., headquartered in Ft. Olgethorpe, Georgia, operates six automotive sales lots that focus exclusively on the Buy-Here/Pay-Here segment of the used car market.
On December 29, 2006 Manchester acquired F.S. English, Inc. (now operating as Freedom Auto Sales) and GNAC, Inc. (now operating as Freedom Auto Acceptance), headquartered in Indianapolis, Indiana. Freedom Auto Sales operates three automotive sales lots that focus exclusively on the Buy- Here/Pay-Here segment of the used car market.
This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Manchester cannot provide assurances that any prospective matters described in the press release will be successfully completed or that the Company will realize the anticipated benefits of any transactions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential from war or other hostilities in other parts of the world; availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the Company's ability to retain key management and employees; intense competition and the Company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Manchester's SEC filings. Manchester undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with the business of Manchester, please refer to the risks and uncertainties detailed in the Manchester's SEC filings.