SOURCE: Fleet Management Solutions Inc.

February 24, 2010 06:26 ET

FMS Client Triples Initial Contract

NAPLES, FL--(Marketwire - February 24, 2010) - Fleet Management Solutions Inc. (PINKSHEETS: FLMG) ("FMS" or "the Company") is pleased to announce that one of its client companies, ATE Rent S.A. of Athens, Greece, which specializes in the operation of leasing passenger cars, has increased the size of its initial contract with FMS by over 200% in just over 5 months.

The initial contract between FMS and ATE Rent S.A., a Greece-based financial institution, was signed in August 2009 for the after sales servicing and management of its fleet of 225 vehicles. Following the success of the initial contract, ATE Rent S.A. has amended the contract to include an additional 452 leased vehicles for a total fleet of 677.

As part of the agreement, FMS provides full management of the fleet including accident and breakdown repairs, the provision of replacement vehicles, and regular and scheduled maintenance. The total value of the contract is expected to exceed US$800,000.

CEO Mr. Alexandris stated, "We are very pleased with this new contract. It is our way of showing our shareholders and partners that we are moving in the right direction."

About Fleet Management Solutions Inc.

Based in Athens, Greece, Fleet Management Solutions (FMS) currently owns and operates 3 commercial locations with 26 full time employees. FMS provides a number of fleet management solutions in the automotive sector throughout the country and various parts of the Balkans. 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. By combining decades of experience, FMS was formed and is focused on providing fleet management services and solutions in the automotive aftermarket. The Company is focused on utilizing its vast automotive industry experience and its "state of the art" technologies to provide the very best turnkey services and solutions while significantly reducing costs for its client companies. FMS provides 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, telematics 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.

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.

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