Surface Tech Inc. announced that it has now combined its wheel repair operations with Alloy Wheel Repair Specialists of Georgia, formerly the largest licensee of its patented wheel repair technology.
This brings the total number of mobile repair units providing the patented process to more than 190 nationwide. The combined billings of franchised and licensed technicians utilizing the patented process should reportedly exceed $10 million in 2004. These numbers have reportedly doubled each of the past three years.
In addition to the reported market demand from thousands of auto dealerships and service departments nationwide, licensed mobile technicians are servicing national accounts such as Avis, Enterprise, Alamo, Hertz, and Costco. Insurance companies such as Allstate, State Farm and Progressive have also increasingly realized the benefits and cost savings in utilizing our mobile service to resolve the growing number of damaged wheels from their authorized body shops, according to the company.
Alloy Wheel Repair Specialist’s franchise operations are also continuing to grow outside the United States into Canada and Australia. The groundwork is now in place to reportedly accelerate the rate of expansion worldwide in providing the patented mobile wheel repair technology to a constantly growing marketplace. To complement this international expansion, patent applications have now been filed with the European Union.
There are approximately 25 million shares outstanding and 15 million shares in the public float.
Was this article valuable?
Here are more articles you may enjoy.