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Fenix Parts Announces Second Quarter 2015 10-Q Filing

WESTCHESTER, Ill., Sept. 14, 2015 (GLOBE NEWSWIRE) -- Fenix Parts, Inc. (NASDAQ:FENX), a leading recycler and reseller of original equipment manufacturer ("OEM") automotive products, today announced that it has filed with the SEC its Form 10-Q for the quarterly period ended June 30, 2015. Fenix completed its IPO and the acquisitions of its eight founding companies on May 19, 2015. This filing includes results of Fenix Parts as a standalone entity for the period January 1 – May 18, 2015 and the entire company, on a consolidated basis, for the period May 19 – June 30, 2015 including the preliminary purchase accounting valuations for the eight founding companies as of May 19, 2015, and combined pro forma financial information for the three and six months ended June 30, 2015 and 2014. Also included in this filing is financial information for the two accounting co-predecessors – the combined Beagell Group and the combined Standard companies – for the periods April 1 – May 18, 2015 and January 1 – May 18, 2015 as compared to the three and six-month periods ended June 30, 2014. As a result of this filing, the Company expects to resolve the associated NASDAQ deficiency shortly.

Kent Robertson, CEO of Fenix Parts, said, "We are pleased to have filed our second quarter Form 10-Q, which had been delayed due to its complexity and the extensive process necessary to compile the information required for SEC reporting for the two co-predecessors as well as purchase accounting and the initial consolidation. We look forward to providing our shareholders with consolidated Fenix Parts results going forward."

About Fenix Parts

Fenix Parts is a leading recycler and reseller of original equipment manufacturer ("OEM") automotive products. The company's primary business is auto recycling, which is the recovery and resale of OEM parts, components and systems reclaimed from damaged, totaled or low value vehicles. Customers include collision repair shops (body shops), mechanical repair shops, auto dealerships and individual retail customers. Fenix provides its customers with high-quality recycled OEM products, extensive inventory and product availability, responsive customer service and fast delivery.

Fenix was founded in January 2014 to combine eight founding companies and create a network that offers sales, fulfillment and distribution in key regional markets in the United States and Canada. The founding companies have been in business an average of 25 years and operate from 13 locations.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions. Our actual results could differ materially from those discussed or implied herein.

We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings. These filings are available online at www.sec.gov, www.fenixparts.com or upon request from Fenix Parts.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

CONTACT: At Fenix Parts: Scott Pettit Chief Financial Officer scottpettit@fenixparts.com Investor and Media Inquiries: Chris Kettmann Clermont Partners 312-690-6002 ckettmann@clermontpartners.comSource:Fenix Parts, Inc.