Acquisitions Rescinded

Flash Automotive Acceptance Corporation (OTC:FAAC) announced that it has rescinded the acquisition of Flash Motors, Inc and Navicom, Inc. pursuant to a mutual rescission agreement.

(PRWEB) June 28, 2004 -- Flash Automotive Acceptance Corporation (OTC:FAAC) announced today that its acquisitions of Flash Motors, Inc and Navicom, Inc. have been rescinded by means of a mutual rescission agreement between the parties.

Flash is a publicly traded automotive holding company with its primary focus in the consolidation of the buy-here pay-here market of non-prime vehicle financing while also being positioned to maximize investment opportunities in all aspects of the retail automotive arena. The Flash plan seeks to capture each of the profit centers in the retailing of automobiles including new, used, retail, wholesale, finance, insurance and aftermarket in both the franchised new car and independent used vehicle sales markets.

The statements contained in this release, which are not historical statements of fact, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve a number of risks and uncertainties. The actual results of future events could differ materially from those stated in the forward-looking statements herein.