Gold Auto Parts Recyclers Purchases Champion AssetsDallas, TX - March 24, 2008 Gold Auto Parts Recyclers of Dallas, TX announced today the purchase of certain assets of bankrupt Champion Parts Inc. of Hope, AR. The deal was negotiated between Gold and Great American Group an asset liquidation firm representing PNC Business Credit of Chicago, IL. PNC is the 1st lien holder in the Champion bankruptcy. Gold Auto Parts Recyclers is a core supplier, recycler and surplus dealer specializing in auto air conditioning, electrical and engines. Its sister company, Gold Metal Recyclers of Dallas, is the largest scrap metal company in the southwest. Gold is purchasing the non-carburetor inventory and work in process of Champion, including its air conditioning, electrical and CV axle finished goods inventory and its electrical core inventory.Champion Parts Inc., a remanufacturer of carburetors, air conditioning, electrical, CV axles, and other auto parts, entered chapter 11 bankruptcy proceedings in October of 2007 and subsequently was forced into chapter 7 liquidation by PNC. Champions carburetor business was purchased by Cash Technologies Inc. of California in a deal that is reportedly scheduled to close on April 2, 2008. The Champion deal will solidify Gold Auto Parts as the premier supplier of remanufactured A/C and electrical parts in the southwest. according to Gold managing partner Jerry Amman. For further information, Mr. Amman can be reached at (214)941-1531.
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