UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
July 27, 1999 (June 30, 1999)
Date of Report (Date of earliest event reported)
Rent-Way, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782
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(State or other jurisdiction) (Commission File Number) (IRS Employer of
corporation) Identification No.)
One RentWay Place, Erie, Pennsylvania 16505
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(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 455-5378
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Item 5. Other Events
The registrant issued the following press release on June 30, 1999:
ERIE, PA, June 30, 1999 -- Rent-Way, Inc. (NYSE: RWY) announced today that it
acquired America's Rent-To-Own Center, Inc., a privately-owned 21-store
rental-purchase chain with annual revenues of approximately $8 million.
America's Rent-To-Own Center, Inc. operates stores as America's RTO and has
locations in Arkansas, Kansas, Missouri and Oklahoma. The transaction value is
approximately $7 million and was paid for with a combination of approximately
229,000 shares of Rent-Way's common stock and the assumption of certain
liabilities.
William E. Morgenstern, President and Chief Executive Officer of Rent-Way, said,
"We are pleased the integration of HomeChoice Rentals has progressed well and we
are again actively pursuing acquisitions. Our management team is excited about
America's upside potential and Rent-Way's continued expansion into new markets."
Rent-Way operates 865 stores in 35 states under the brand names RentWay and
HomeChoice Rentals. Rent-Way rents quality, brand name merchandise such as home
entertainment equipment, furniture and major appliances on a week-to-week or
month-to-month basis under full service rental-purchase agreements that permit
the customer to acquire ownership of the merchandise at the conclusion of an
agreed upon rental period.
This news release contains certain forward-looking statements within the meaning
of Section 27(A)(i) of the Securities Act of 1933 and Section 21E(i)(1) of the
Securities Exchange Act of 1934 that involve known and unknown risks,
uncertainties and other factors that may cause actual results to be materially
different from any future results, performance or achievements expressed or
implied by such statements. Such factors include Rent-Way's ability to secure
rental-purchase store sites in desired locations or on acceptable terms, and
Rent-Way's ability to acquire additional rental-purchase stores on favorable
terms, improve the performance of such stores and integrate such stores
profitably into its existing operations. Additional factors are set forth in
Rent-Way's Annual Report on Form 10-K for the year ended September 30,1998 and
Quarterly Report on Form 10-Q for the quarter ended March 31, 1999.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Rent-Way, Inc.
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(Registrant)
Date July 27, 1999 /s/ Jeffrey A. Conway
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(Signature)
Jeffrey A. Conway
Sr. Vice President and Chief Financial Officer
