icarz, inc. Acquires Telecomp Computer Systems and Tristar Systems

27 March 2000

icarz, inc. Acquires Telecomp Computer Systems and Tristar Systems to Create Internet Information Services Company

    NEWTON, NJ--March 27, 2000--icarz, inc., the internet portal for the automotive aftermarket (www.icarz.com), announced today that it has acquired Telecomp Computer Systems (www.telecompsys.com) of Milford, CT and Tristar Systems (www.tristarsystems.com) of Newton, NJ. Telecomp Computer Systems is a leading provider of software systems for automotive parts distributors. Tristar Systems provides web design, development and hosting for automotive parts stores. The company will be headquartered in Newton, NJ with offices in Newton and Milford, CT.
    MidMark Associates, Colt Capital and Greenleaf Capital, a JH Whitney affiliate, provided funding to complete the transaction and to provide working capital for on-going development and growth.
    Jesse Hermann, CEO of icarz, commented, "We believe there is a tremendous opportunity for distribution support products in the automotive aftermarket. With this merger we consolidate three companies at the top of their fields. Telecomp Computer Systems is a well established successful software supplier to this market. We plan to further support and accelerate Telecomp's recent growth. Beyond its base business, Telecomp provides development and support capabilities, a well developed customer support group and access to its established base of AutoEase software users. TriStar Systems contributes internet expertise and significant additional development resources. Our team has substantial experience at all levels of the distribution channel, from manufacturer to end user. Members of senior management average over 15 years experience in the automotive aftermarket."
    "We expect the corporate integration to be complete within two weeks. The first new icarz offering is an internet storefront that will be offered to Telecomp customers to enable them to immediately begin selling parts over the internet as world class e-tailers. This product is available now. The internet storefront, which offers fully integrated cataloging, is the first in a planned suite of internet based software products and business management services."
    icarz was founded by Jesse Hermann, the former CEO of General Automotive, a basic manufacturer of switches and locks for the original equipment manufacturers and the aftermarket which employed over 800 people in four locations in the US and Mexico.
    Telecomp was originally started in 1976. It was purchased in 1998 by George Thanasides, Stan Gowisnock, and a group of outside investors. Prior to leading the purchase of Telecomp, Mr. Thanasides was the Vice President of Sales for CCI-Triad. Mr. Gowisnock was previously a large account specialist for CCI-Triad where he was the top salesman in the company for eleven consecutive years. Mr. Thanasides is the President of icarz. Mr. Gowisnock is the Vice President of Sales-Major Accounts.
    Tristar was founded by Dan Lepore. Prior to founding Tristar, Mr. Lepore started Loadstar Sytems, a store management software company which he sold to Triad when the company had approximately 3,000 location implementations. Mr. Lepore is the CTO of icarz.
    icarz develops, delivers and supports store management software, internet solutions and information services to the automotive aftermarket.