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Contact:
Thomas K. Espel
701/297-4288
[email protected]
RDO EQUIPMENT CO. AND JOHN DEERE CONSTRUCTION EQUIPMENT REACH SETTLEMENT
RDO SIGNS NEW DEALERSHIP AGREEMENT
FARGO, ND - DECEMBER 29, 2000 - RDO Equipment Company (NYSE: RDO) Founder, Chief
Executive Officer and Chairman of the Board, Ronald D. Offutt, announced today
that effective immediately John Deere Construction Equipment Company revokes its
dealership termination notices to RDO and dismisses all claims pending in
arbitration with the Company. RDO also dismisses all claims in the arbitration
and all claims filed in federal court against Credit Suisse First Boston. RDO's
wholly owned subsidiary, RDO Construction Equipment Co., has signed new
dealership agreements with John Deere Construction Equipment Company.
Offutt stated, "We are excited about continuing the long relationship between
RDO Equipment and John Deere Construction Equipment. The resolution of this
matter allows our management and sales teams to focus all of their energies on
serving the customer - it is good for us, good for John Deere and especially
good for the customers we serve together."
RDO Equipment Co. specializes in the distribution, sale, service, rental and
finance of equipment and trucks to the agricultural, construction,
manufacturing, transportation and warehousing industries, as well as to public
service entities, government agencies and utilities. These operations, which
consist of 54 retail stores in 9 states, include the largest network of John
Deere construction and agricultural stores in North America, as well as Volvo
and Mack truck centers. Information about the Company, including recent news and
product information, is available at its web site - WWW.RDOEQUIPMENT.COM.
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The future results of the Company, including results related to forward-looking
statements in this news release, involve a number of risks and uncertainties.
Important factors (such as customer confidence, economic conditions, weather,
actions of the Company's suppliers and competitors, and risks associated with
the Company's growth strategies) that will affect future results of the Company,
including factors that could cause actual results to differ materially from
those indicated by forward-looking statements, are discussed in the Company's
filings with the Securities and Exchange Commission. The Company's
forward-looking statements are based upon assumptions relating to these factors.
These assumptions are sometimes based upon estimates, data, communications and
other information from suppliers, government agencies and other
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sources that are often revised. The Company makes no commitment to revise
forward-looking statements, or to disclose subsequent facts, events or
circumstances that may bear upon forward-looking statements.
