Posted by Donna [Donna] on November 02, 1999 at 12:57:29 {.c1iAaocfM/CPYT8orz2KQAv4A0rI2}:
This insurance company sounds pretty excited about landing a contract with the WTS.
First Priority Group Announces New Fleet Contract Signed with Watchtower Bible and Tract Society of New York, Inc. as It Readies Its New Web Site for Beta Testing
PLAINVIEW, N.Y., Nov. 2 /PRNewswire/ -- First Priority Group, Inc. (Nasdaq: FPGP), announced today that its principal operating subsidiary, National Fleet Service, Inc. ("National Fleet Service") has signed a three year exclusive contract to administer auto collision and subrogation services beginning November 1st, for the Watchtower Bible and Tract Society of New York, Inc. Revenue from this account will begin to be realized in the latter part of this quarter.
Mr. Barry Siegel, Chairman and CEO of First Priority Group, Inc. said, "Along with the other two large contracts that were recently signed for our primary operating subsidiary, this will add to the significant impact we expect to occur beginning this quarter." Siegel further added, "This will undoubtedly give us a strong finish this year and set the stage for a banner year in 2000."
Additionally, the web-site that we have been building for the insurance industry, which will be beta ready on November 19th, will soon be made available to our corporate accounts, allowing them to take advantage of the same benefits, that will promote quicker, more beneficial and cost effective claims administration. This will allow the Company to administer larger numbers of claims with lower cost structures, thereby improving our efficiencies and economies of scale. This should dramatically improve our profit margins overall.
Since its founding in 1983, First Priority Group has built a national reputation for efficient, cost-saving management of collision claims for self-insured corporate and municipal vehicle fleets. Clients include Coca-Cola, Time Warner, IBM, The Hershey Company and many other prominent corporations. Through its affinity auto club programs, the Company has established relationships with American Bankers Insurance Group, Providian Bank and other prestigious credit card and financial organizations.
Certain information contained herein includes information that is forward-looking. The matters referred to in forward-looking statements may be affected by the risks and uncertainties involved in the Company's business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in the Company's Securities and Exchange Commission filings.