According to a recent statement released by Aero Performance Products, Robert McCoy, the newly appointed director of the company, announced that the scheduled acquisition of Jones Performance Exhaust may not go forward as planned.
“There are a number of issues related to the company that I plan to address in the near term. The first is the status of the planned acquisition of Jones Exhaust Products, including whether the acquisition is still achievable as well as whether it is in the best interests of the company and its shareholders,” says McCoy, “If this acquisition is not to be consummated, management will also make a determination as to whether a different strategic acquisition is the best way to build value for shareholders or if another strategy should be implemented.”
Robert McCoy was appointed to the position of director of the company effective June 5, 2009 replacing CEO and Director Bryan Hunsaker and Director Robert McMichael. Mr. Hunsaker has agreed to work with the company as an independent consultant throughout the management transition and going forward on an as needed basis.