SPAR Group Enters Joint Venture with Turkish Firm to Provide Retail Merchandising Services; Transaction Expands SPAR's International Presence
SPAR Group Enters Joint Venture with Turkish Firm to Provide Retail Merchandising Services; Transaction Expands SPAR's International Presence
Jul 28, 2003
SPAR Group Enters Joint Venture with Turkish Firm to Provide Retail Merchandising Services; Transaction Expands SPAR's International Presence
The start-up joint venture will operate under the name SPAR Turkey Ltd. It will be 51% owned by SPAR and 49% owned by CEO Produksiyon Tanitim ve Arastirma Hizmetleri Ltd Sti, based in Istanbul.
"We are pleased to be partnering with CEO, an experienced, quality organization whose executives know the retail marketplace in Turkey and whose customers will benefit from the leading edge technology, expanded resources and value-added services that we will provide," said Bob Brown, SPAR Group's chairman and chief executive officer. "The transaction is part of our international expansion strategy to extend SPAR's presence in select foreign countries, following our successful penetration in Japan and more recently, into Canada. We look forward to further expansion based on the flexibility of our Internet-based systems that can operate in any language and require no further capital investment."
SPAR Group, Inc. is a diversified marketing services company, providing a broad array of productivity enhancing products and services to help Fortune 1000 companies improve their sales, operating efficiency and profits. The company provides in-store merchandising, database and research services to general retail, mass market, drug and grocery chains throughout the United States and internationally.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties, both known and unknown. Such statements include, but are not limited to, the success of this acquisition and ability to provide services to customers in Turkey, the likelihood of further executing its international expansion strategy, and other factors that could affect future results, performance or trends, some of which are discussed in SPAR Group's annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time.
SPAR Group Enters Joint Venture with Turkish Firm to Provide Retail Merchandising Services; Transaction Expands SPAR's International Presence
TARRYTOWN, N.Y.--July 28, 2003--SPAR Group, Inc. (NASDAQ:SGRP) today announced it has entered into a joint venture agreement to provide a full spectrum of merchandising services to retail stores throughout Turkey.The start-up joint venture will operate under the name SPAR Turkey Ltd. It will be 51% owned by SPAR and 49% owned by CEO Produksiyon Tanitim ve Arastirma Hizmetleri Ltd Sti, based in Istanbul.
"We are pleased to be partnering with CEO, an experienced, quality organization whose executives know the retail marketplace in Turkey and whose customers will benefit from the leading edge technology, expanded resources and value-added services that we will provide," said Bob Brown, SPAR Group's chairman and chief executive officer. "The transaction is part of our international expansion strategy to extend SPAR's presence in select foreign countries, following our successful penetration in Japan and more recently, into Canada. We look forward to further expansion based on the flexibility of our Internet-based systems that can operate in any language and require no further capital investment."
SPAR Group, Inc. is a diversified marketing services company, providing a broad array of productivity enhancing products and services to help Fortune 1000 companies improve their sales, operating efficiency and profits. The company provides in-store merchandising, database and research services to general retail, mass market, drug and grocery chains throughout the United States and internationally.
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties, both known and unknown. Such statements include, but are not limited to, the success of this acquisition and ability to provide services to customers in Turkey, the likelihood of further executing its international expansion strategy, and other factors that could affect future results, performance or trends, some of which are discussed in SPAR Group's annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time.
CONTACT: SPAR Group, Inc.
Charles Cimitile, 914-332-4100
or
PondelWilkinson MS&L
Corporate and Investor Relations
Roger S. Pondel, 323-866-6060