SOURCE: AutoMax Group Inc.

December 17, 2008 09:00 ET

MaxWiFi Communications Inc. Completes the Acquisition of AutoMax Group Inc.

MARIETTA, GA--(Marketwire - December 17, 2008) - Mr. Jake Kern, President of AutoMax Group Inc., announced today that he had agreed in principle to merge AutoMax Group Inc. with MaxWiFi Communications Inc. (PINKSHEETS: MXWF), a public company traded on the Pink Sheets market. AutoMax Group Inc. has been servicing both the retail and wholesale pre-owned vehicle market in Georgia for the past three years and is very active in acquiring vehicles at public auction or from dealers and specializing in marketing these used vehicles to buyers with low or marginal credit.

"This market and the number of consumers for our program are growing every month," Mr. Kern added. "The Company's expansion plans are to add to its 'Buy-Here Pay-Here' model in the Southeast and ultimately throughout the United States. As credit has tightened and interest rates come down, our ability to finance our customers will increase our sales and profits dramatically."

Mr. Kern, who has a strong and successful history in this field, stated that AutoMax's business is even more important in the credit crunch environment that our Country is experiencing by offering many people an opportunity to own a vehicle or a better vehicle while greatly expanding our revenue base. The Company's 2007 revenues were 4.5 million in sales, which are expected to increase substantially in fiscal 2008.

"Buy-Here Pay-Here"

The "Buy-Here Pay-Here" auto business is a $50 billion Industry that sells pre-owned cars to sub-prime buyers at high margins and high rates. These dealers typically utilize banks, insurance companies, credit unions, or other regulated lenders to provide revolving credit. Most of the time the lenders are regulated and local in nature with a focus on net worth often outside of the portfolio. After satisfying the lenders, the dealers may often experience financing restraints emanating from the regulators. Consequently, many dealers spend more time holding financing together than on building and managing the operating business. Those that are able to obtain expansion funding may do so at their peril, with lenders imposing stricter criteria that undermines liquidity and uses existing portfolio equity to subsidize additional growth. The AutoMax model addresses these issues, welcomes expansion, eliminates personal guarantees, provides liquidity, and moves financing from Main Street to Wall Street.

The current disparity between the availability, magnitude, and terms of financing to some "Buy-Here Pay-Here" auto dealers versus others presents AutoMax with a familiar opportunity -- an opportunity to become a dominant player in a market due to a particular expertise and access to funding that competitors do not have. Such opportunity existed in the past with the real estate market during the S&L crisis when cash purchases were required in asset sales through the Resolution Trust. Local businessmen were mainly brokers for deals they identified because conventional regulated funding was not available. Similar dynamics and opportunity are now present in this segment of the pre-owned car business.

Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (I) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.

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