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Titan Machinery Closes Acquisition of Dealership: Quad County Implement Inc.
FARGO, N.D.-(Business Wire)-May 1, 2008 - Titan Machinery Inc. (NASDAQ:TITN) announced today that it has closed the acquisition of Quad County Implement, Inc., a farm equipment dealership of CaseIH and brands in Blairstown, IA.
Titan's acquisition of Quad County Implement is effective as of May 1, 2008. Quad County Implement reported revenues of $14.8 million during its most recently completed fiscal year ended June 30, 2007. Strategically located in contiguous markets to the Company's Waverly store and Grundy Center store in Iowa, this acquisition expands Titan Machinery's footprint in some of the most productive farmland in Iowa.
About Titan Machinery Inc.
Titan Machinery Inc., founded in 1980 and headquartered in Fargo, North Dakota, owns and operates one of the largest networks of full service agricultural and construction equipment stores in North America. Currently, the Titan Machinery network consists of 42 dealerships in North Dakota, South Dakota, Minnesota and Iowa, including 2 outlet stores representing one or more of the CNH Brands (NYSE:CNH) CaseIH, New Holland Agriculture, Case Construction, New Holland Construction, Kobelco and CNH Capital. Additional information about Titan Machinery Inc. can be found at www.titanmachinery.com.
Forward Looking Statements
Certain statements found in this press release may constitute forward-looking statements as defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. Such statements are generally identifiable by the terminology used, such as "anticipate," "believe," "intend," "expect," "plan," or other similar words. Our forward-looking statements in this release generally relate to the expected benefits to Titan Machinery of the acquisition of the Ceres dealership. Although it is not possible to foresee all of the factors that may cause actual results to differ from our forward-looking statements, such factors include, among others, (i) potential difficulties integrating the operations of Ceres with Titan Machinery's operation and (ii) those risks described from time to time in our reports to the Securities and Exchange Commission (including our Registration Statement on Form S-1). Investors should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Stockholders and other readers should not place undue reliance on "forward-looking statements," as such statements speak only as of the date of this release. We undertake no obligation to update publicly or revise any forward-looking statements.
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