Rent-Way responds to drop in stock price; reaffirms consensus analysts estimates
August 25, 2000 - Erie, Pennsylvania. Rent-Way, Inc. (NYSE-RWY) today
responded to yesterday's decline in its stock price by stating that it is highly
confident that it will meet consensus analysts earnings estimates for the
quarter and year ending September 30, 2000. The company also reaffirmed its
belief that its previously announced business initiatives, including its plan to
rent Gateway personal computers with unlimited Internet access for as low as
$19.99 per week, will prove successful.
"We are very excited about our new growth initiatives. We intend to take
advantage of these initiatives, especially our Gateway program, to brand
Rent-Way as the nation's premiere rental-purchase operator", stated William
Morgenstern, Chairman and Chief Executive Officer.
Rent-Way, Inc. is the second-largest operator of rental-purchase stores in
the USA. Rent-Way rents quality, name-brand merchandise such as home
entertainment equipment, computers, furniture and appliances from 1,125 stores
in 42 states.
This press release contains forward looking statements. While we believe
these statements to be accurate, known and unknown risks, uncertainties and
other factors may cause actual results to be materially different from any
results, performance or achievements expressed or implied by these statements.
Several of these factors are set forth in Rent-Way's Quarterly Report on Form
10-Q for the quarter ended June 30, 2000.
For more information, contact William E. Morgenstern, CEO, 800-736-8929, or
visit www.rentway.com.
