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Corporate Profile:
Bestway, Inc. and its consolidated subsidiaries ("Bestway" or the
"Company") have been engaged in the rental-purchase industry since
1987. The Company owns and operates a total of 74 stores located in
the states of Alabama, Arkansas, Georgia, Mississippi, North Carolina, South
Carolina, Tennessee and Texas. The stores; operations are controlled and monitored
through the Company's management information system networked with its
corporate office in Dallas, Texas.
The Company's rental-purchase program offers quality, name brand, durable
products, such as home electronics, household appliances, computers, and furniture,
under flexible rental-purchase agreements that typically allow the customer
to obtain ownership of the merchandise at the conclusion of an agreed upon rental
period. The rental agreements contain options under which customers may own
the merchandise under specified terms. The Company's rental agreements
typically have a 12 to 30 month term with weekly or monthly payment options.
Customers have the option to return the product at any time without further
obligation and also have the option to purchase the product at any time during
the rental term.
Shareholder Information:
On May 23, 2005 the Company held its Annual Meeting of Stockholders meeting, at which time the stockholders voted in favor of a reverse stock split of the outstanding shares of the Company’s common stock (the “Common Stock”) in a ratio of 1-for-100 (the “Reverse Stock Split”), immediately followed by a forward stock split of the outstanding shares of the Company’s common stock in a ratio of 100-for-1 (the “Forward Stock Split” and together with the Reverse Stock Split, the “Reverse/Forward Stock Splits”). The proposal passed with a majority vote of the holders of the outstanding shares of the Common Stock. The aggregate number of shares of common stock represented in person or by proxy at the Annual Meeting represented 94.7% of the 1,791,917 issued and outstanding shares of Common Stock and constituted a quorum for the transaction of business.
The Reverse/Forward Stock Splits became effective, upon the filing of a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation on May 24, 2005 with the Delaware Secretary of State. Each stockholder holding less than 100 shares of Common Stock immediately prior to the effectiveness of the Reverse Stock Split became entitled to receive $13.00 per share of Common Stock for each share of Common Stock held prior to the Reverse Stock Split. The number of shares of Common Stock held by each stockholder holding more than 100 shares of Common Stock prior to the Reverse Stock remains unchanged after the consummation of the Reverse/Forward Stock Splits.
As a result of the Reverse/Forward Stock Splits, the Company has fewer than 300 record holders of its common stock, permitting the Company to terminate the registration of its common stock with the Securities and Exchange Commission under the Securities Act of 1934, as amended. The Company filed for termination of such registration on May 26, 2005.
The Company’s securities are quoted on the Pink Sheets under the symbol “BSWY”.
Corporate Office:
12400 Coit Rd, Suite 950, Dallas, Texas 75251
(214) 630-6655; (214) 630-8404 fax; (800) 530-1107
Transfer Agent:
Securities Transfer Corporation, 2591 Dallas Parkway, Suite 102, Frisco, Texas
75034
Independent Accountants:
Weaver & Tidwell LLP, 12221 Merit Drive, Suite 1400, Dallas, Texas 75251-2280
Board of Directors:
R. Brooks Reed, Chairman of the Board of Directors
David A. Kraemer; Jack E. Meyer; James A. O'Donnell; Bernard J. Hinterlong
Executive Officers:
David A. Kraemer, President and Chief Executive Officer
Beth A. Durrett, Chief Financial Officer and Secretary
Forward-looking Statement:
This website contains various "forward-looking statements" that
involve risks and uncertainties. The Company's Annual Report to Shareholders,
any Report on Form 10-Q or Form 8-K or any other written or oral statements
made by or on behalf of the Company may include forward looking statements.
Forward-looking statements represent the Company's expectations or beliefs
concerning future events. Any forward-looking statements made by or on behalf
of the Company are subject to uncertainties and other factors that could cause
actual results to differ materially from such statements. These uncertainties
and other factors include, but are not limited to, (i) the ability of the Company
to open or acquire additional rental-purchase stores on favorable terms, (ii)
the ability of the Company to improve the performance of such acquired stores
and to integrate such opened or acquired stores into the Company's operations,
(iii) the impact of state and federal laws regulating or otherwise affecting
rental-purchase transactions, (iv) the impact of general economic conditions
in the United States and (v) the impact of terrorist activity, threats of terrorist
activity and responses thereto on the economy in general and the rental-purchase
industry in particular. Undue reliance should not be placed on any forward-looking
statements made by or on behalf of the Company as such statements speak only
as of the date made. The Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new information,
the occurrence of future events or otherwise.
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