Worldwide Equipment Corp. Acquires ARO of AmericaInc., Manufacturer of Romanian 4X4 Sports...

ARDSLEY, N.Y.--(BUSINESS WIRE)--Aug. 5, 1997--Worldwide Equipment Corp. (OTC/BB:WWDE) Tuesday announced it had completed the acquisition of 100% of the outstanding stock of ARO of America Inc. for cash and securities.

Worldwide Equipment currently holds a commitment for an infusion of

The ARO 4X4 is of similar capacity and characteristics as the Jeep Cherokee, the GM Blazer and the Nissan Pathfinder. It has an American Certificate of Origin by virtue of being comprised of 60% American parts. The powertrain, including the engine, is manufactured and supplied by a division of Ford Motors and the chassis is imported from a government-owned Romanian plant. Assembled at the Port of Brunswick, Ga., the manufacturer's suggested retail price is currently in the $13,000 price range per vehicle.

East European Imports has signed up approximately 140 dealerships to market and sell the ARO 4X4 across the nation to date, and opened an irrevocable letter of credit in the amount of $9,232,000 in favor of ARO for delivery of vehicles in 1997. Sales are projected at $50 million for 1998 and $100 million by 1999, based on East European Imports' commitments and market estimates.

In the takeover of ARO of America by Worldwide Equipment Corp., former ARO President Catalin Tutunaru has become vice president of operations and President Eilat Lev of Worldwide took on the additional post of president of ARO. The company has its headquarters in Brunswick, Ga. East European Imports is based in Miami and Worldwide Equipment in Ardsley, N.Y.

Worldwide Equipment Corp. is an international trading company engaged in the purchase and selling of new and used heavy-duty construction and carthmoving equipment on a world-wide basis.

"Safe Harbor" Statement

Except for the historical information contained herein, certain of the matters discussed in this press release are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, which involve certain risks and uncertainties, including but not limited to, changes in general economic conditions, material prices, labor costs, interest rates, consumer confidence, competition, environmental factors and governmental regulations affecting the company's operations.

CONTACT: Worldwide Equipment Corp.

Eilat Lev, 914/693-0300