Cleaning & Restoration Breaking News

Floor Decor acquires Eagle Eye Scandinavian Distribution

February 1, 2002
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Floor Decor, Inc. completes its acquisition of Eagle Eye Scandinavian Distribution Ltd.

FORT LAUDERDALE, Fla. -- Floor Decor, Inc. (OTCBB:FLOR), a leading home flooring big box superstore chain, has completed its acquisition of Eagle Eye Scandinavian Distribution Ltd.

"We have completed the due diligence and order verification process, which was a prerequisite for the closing of this agreement," said A.J. Nassar, CEO of Floor Decor, Inc. "Eagle Eye has established numerous relationships with key European-based corporations. The next step will be to build out the company's infrastructure so we can begin to fulfill these contracts within 30 days. In that respect, we will work at strengthening our relationships with both existing and potential clients, as well as leading vehicle manufacturers and fleet operators. This is cert ainly a very exciting time for our company and for our shareholders."

In December, Floor Decor announced it had signed a definitive agreement to purchase Eagle Eye Scandinavia Distribution Ltd. outstanding stock. The private UK-based company specializ es in the marketing and distribution of automotive telematics systems and services, an industry that is anticipated to exceed $7.3 billion in four years.

"This story is just beginning for us," Nassar said. "Eagle Eye is on the threshold of an enormous opportunity in a highly lucrative sector, which is expected to experience explosive growth."

Founded in July 2000, Ft. Lauderdale-based Floor Decor is positioned to transform the $30 billion flooring industry by providing homebuilders and consumers with the most extensive selection of floor coverings under one roof. Its premier Superstore in Ft. Lauderdale, features more than 50,000 sq, ft. of space and houses more than 5,000 area rugs and 1,000.000 sq. ft. of other floorcoverings.

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