RWY Rent Way

ERIE, Pa., Oct. 24 /PRNewswire-FirstCall/ -- Rent-Way, Inc. (NYSE:RWY) announced today that it has acquired the rental contracts and merchandise of 12 rental-purchase stores from Rent-A-Center, Inc. The purchase price was approximately $3.6 million. These store assets will be merged into existing Rent-Way store locations. "We are pleased to be able to acquire these stores and we expect the transaction to benefit our existing stores almost immediately," stated William Short, Rent-Way's President. Rent-Way is one of the nation's largest operators of rental-purchase stores. Rent-Way rents quality name brand merchandise such as home entertainment equipment, computers, furniture and appliances from 795 stores in 34 states. Safe-Harbor Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements contain the words "project," "anticipate," "believe," "expect," "intend," "will," "may," and similar words and expressions. Each such statement is subject to uncertainties, risks and other factors that could cause actual results or performance to differ materially from the results or performance expressed in or implied by such statements. The forward-looking statements in this news release that contain projections of the company's expected financial performance and other projections regarding future performance are inherently subject to change given the nature of projections and the company's actual performance may be better or worse than projected. Uncertainties, risks and other factors that may cause actual results or performance to differ materially from any results or performance expressed or implied by forward- looking statements in this news release include: (1) the company's ability to control its operating expenses and to realize operating efficiencies; (2) the company's ability to develop, implement and maintain adequate and reliable internal accounting systems and controls; (3) the company's ability to retain existing senior management and to attract additional management employees; (4) general economic and business conditions, including the impact of historically high gasoline prices and weather-related and other catastrophes on the company and the demand for the company's products and services; (5) general conditions relating to the rental-purchase industry, including the impact of state and federal laws regulating or otherwise affecting the rental-purchase transaction; (6) competition in the rental-purchase industry, including competition with traditional retailers; (7) the company's ability to make principal and interest payments on its high level of outstanding debt; and (8) the company's ability to open new stores and cause those new stores to operate profitably. A discussion of other risk factors that may cause actual results to differ from the results expressed in or implied by these forward-looking statements can be found in the company's filings with the SEC. The company disclaims any duty to provide updates to the forward-looking statements made in this news release. DATASOURCE: Rent-Way, Inc. CONTACT: Bill McDonnell, CFO of Rent-Way, +1-814-455-5378 Web site: http://www.rentway.com/

Copyright