Flexcar Receives $2 Million Investment from Bristol Bay Native Corporation; Funding Will Enable Continued Growth of National Car-Sharing Program

Business Wire, March 17, 2003

Business Editors

SEATTLE--(BUSINESS WIRE)--March 17, 2003

Flexcar, the nation's first and largest car-sharing company, today announced it has received a $2 million investment from Bristol Bay Native Corporation. Flexcar will use the funds to help solidify its existing operations, upgrade the national fleet and technology systems and expand its car-sharing programs across the country.

Flexcar's innovative program now provides more than 11,000 members and businesses with access to a fleet of environmentally friendly vehicles, including gas-electric hybrids and electric cars, located throughout selected metropolitan areas. Members reserve the vehicles for hourly use with Flexcar covering the cost of the car, gas, parking, insurance and maintenance. Members access the cars via a specially coded Smartcard, and pay hourly or monthly for use of the vehicles.

Bucking the downward trend in outside investments over the past two years - a 63 percent decline in Washington and nationwide - Flexcar secured the Bristol Bay funding in large measure due to the boom in car-sharing in major markets nationwide. Los Angeles, Washington, D.C., Seattle, Portland, the Bay Area and San Diego are all experiencing increases in car-sharing programs and membership.

"When you combine proven market acceptance and consumer need with Flexcar's management team and its status as the nationwide leader in car-sharing, the decision to invest was easy," said Steve Tolton, chief financial officer for Bristol Bay Native Corporation. "The company has a strong management team and a focused growth plan and we're very excited to be a part of that."

"Raising capital in this environment is certainly difficult," said Neil Peterson, Flexcar's founder and chairman. "Our ability to do so is a testament to the valuable service Flexcar provides its members and the communities in which they live. Whether it's our ability to relieve traffic congestion, reduce pollution or simply save people money, Flexcar's car-sharing programs are becoming an integral part of many people's lives."

Following a successful European model, Flexcar launched its Seattle operations in 2000, and has since won numerous awards and commendations for its program that reduces congestion, air pollution and energy use, while increasing use of public transportation and contributing to sustainable communities. Used in conjunction with public transit, car/vanpools and walking/biking, car-sharing helps individuals meet their transportation needs in an economic and environmentally responsible manner, giving them the freedom of car ownership without the associated cost and hassles.

Flexcar

Headquartered in Seattle, Flexcar now operates car-sharing programs for more than 11,000 members in more than a dozen cities and counties in 5 states and the District of Columbia. With flexible pricing plans, members can reserve and drive any of these cars whenever and wherever they need to, without filling out complicated paperwork, paying for insurance, gas or repairs. Flexcar Business Memberships enable companies to augment or replace their fleet with Flexcar vehicles. Flexcar's modern fleet includes sedans, gas-electric hybrids, electric cars and specialty vehicles including pickups and convertibles. Flexcar has established strategic partnerships with King County (Wash.) Metro Transit, the Washington Metropolitan Area Transit Authority (WMATA), Parsons Transportation Group, Bristol Bay Native Corporation and American Honda Motor Company, Inc.

Editor's Note: Correct spelling and punctuation is "Flexcar"; not FlexCar, Flex Car or Flexicar.