LOS ANGELES, Aug. 12, 2008 -- Motorcar Parts of America, Inc. (Nasdaq:MPAA) today announced an expansion of its heavy duty alternator and starter sales initiatives with the appointment of three veteran automotive industry executives to support anticipated growth within this sector.
Larry Fedoruk will assume the position of vice president of Motorcar Parts of America's newly formed heavy duty division. He most recently served as chief executive officer of Wilson Auto Electric Ltd., based in Winnipeg, Canada, having held a variety of positions during his 24-year career with this organization.
The company also announced the appointment of Charlie Kramer as its national sales manager for the heavy duty division. Kramer recently served in the same capacity for Wilson Auto Electric. He began his career with Ace Electric in 1999 with a focus on small-to-medium sized automotive parts remanufacturers located in the Midwest.
Also joining the new division as export sales and administrative manager is Corliss Antonio. She held a variety of sales and administrative positions during a more than 30-year career with Wilson Auto Electric.
"The heavy duty replacement parts market for alternators and starters in the United States alone is estimated to be approximately $1.5 billion -- representing an important and significant sales growth opportunity for our organization. The sales team expansion and establishment of a dedicated heavy duty division complement the company's recent acquisition of a remanufacturer in California with existing business in this market -- as well as our high-quality and efficient offshore manufacturing capabilities. Motorcar Parts has a solid reputation for excellence in engineering and customer service within the retail and professional market, and we believe heavy duty and industrial applications are a logical extension of our strengths," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.
"Larry Fedoruk, Charlie Kramer and Corliss Antonio are seasoned veterans of the heavy duty rotating electrical market and we look forward to working with them to establish a significant presence within this growing sector," Joffe stated.
About Motorcar Parts of America
Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles and light trucks. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with facilities located in California, Tennessee, Mexico, Malaysia and Singapore. Additional information is available at www.motorcarparts.com
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company, including the expected potential of the heavy division and the anticipated synergies of its manufacturing and sales organization to support the new sales and manufacturing initiatives. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC)in June 2008 and in its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
CONTACT: Maier & Company, Inc.
Gary S. Maier
(310) 442-9852