Fleet Management Solutions Announces Third Quarter Operating Profit.

NAPLES, Fla., July 13, 2011 /PRNewswire/ -- Fleet Management Solutions, Inc. (FLMG.PK - FLMG), a provider of numerous comprehensive automobile fleet management solutions in Greece and other Balkan Nations, today announced revenue and profits for its third fiscal quarter ended March 31, 2011. The Company also reaffirmed its revenue guidance for the full fiscal year ending June 30, 2012.

Based on a review of results for the fiscal quarter ended March 31, 2011, FMS booked revenues of approximately $2.7 million and operating income of $366 thousand.

"We are very pleased to report such numbers," said Evangelos Alexandris, Chief Executive Officer, President of Fleet Management Solutions, Inc. "Revenues and profits were down last quarter due to several 'one time' events and conservative adjustments to our balance sheet. With the fourth quarter just ended, we feel confident that the company will conclude its current fiscal year with strong net profit momentum that puts us back on track for impressive earnings growth throughout the 2012 fiscal year starting Friday, July first." 

Mr. Alexandris continued, "Our 5 locations continue to be very profitable and we look to continue our growth, both organically and through acquisition.  We remain confident of achieving our guidance for the full fiscal year given the strong performance of our 5 locations and the positive momentum of our company."

The Company reaffirms its forecast that recognizable revenue should exceed $15.0 million during the current fiscal year, ending on June 30, 2012. The Company is pleased to report positive cash flow and a continued reduction of debt.  

About Fleet Management Solutions, Inc.

About FMS Inc.: FMS Greece (http://www.fms-greece.com) is based in Athens, Greece and currently owns and operates 5 commercial locations with 65 full time employees. 

Fleet Management Solutions, Inc. provides a full spectrum of automobile fleet solutions, in the Country of Greece as well as the Balkans area.

FMS offers its clients (leasing companies and corporations) numerous comprehensive fleet management solutions such as online fleet management, maintenance programs, 24 hour roadside assistance, fuel management programs, insurance programs, license and title services, telemetric and acquisition and lease buyout programs, and re-marketing of used vehicles. FMS utilizes authorized dealership networks and the BOSCH Car Service Network with 120 service locations in Greece.

The Company's extended experience in the automobile business allows for the maintaining of a privileged position versus the competition, facilitating the opportunity to provide not only first class services, but also reduced cost solutions.

The Company was formed as a result of a merger between ABR Bosch Car Services, which was founded in 1992, and EDC Hellas S.A., which was founded in 1998 by EDC Holdings. With decades of experience, both companies identified an opportunity in the automotive market by providing fleet management services and solutions, and subsequently formed FMS S.A. which has grown 311% in the last 3 years.

Forward-looking Statement: This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 -- forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at FMS's stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information:
Fleet Management Solutions, Inc.
40 Kifissou Ave. Renti,
Athens 18233
Greece
http://www.fms-greece.com
Phone: +30-211-10-38-888
Fax: +30-210-34-13-113
Email: [email protected]

SOURCE Fleet Management Solutions, Inc.