Press Release

Acacia Automotive, Inc. announced that, at a special meeting of the corporation’s shareholders on February 1st, its shareholders ratified an amendment to the corporation’s articles of incorporation to change the Company’s name from Gibbs Construction, Inc. to Acacia Automotive, Inc., effect a one-for-eight reverse stock split, increase the number of authorized shares of common stock to 150,000,000, and permit the issuance of up to 2,000,000 shares of preferred stock. With these actions, the corporation completed its restructuring, which included becoming current in its filings with the Securities and Exchange Commission after control of the corporation changed in August 2006. The Company will change its ticker symbol from GBSE to ACCA immediately and commence trading as a full-reporting SEC company. No appreciable trading activity is anticipated until the Company institutes operations.

“This gives us the perfect vehicle to launch our aggressive plans to quickly become a major player in the auction arena and the automotive marketplace,” said Steve “Junior” Sample, the Company’s CEO. “With Tony Moorby in the driver’s seat as President of the Company, we will endeavor to replicate the Anglo-American Auto Auctions model, which later became ADT Automotive. Tony was directly instrumental in taking that organization from one single auto auction to 28 auctions in a short time and then, as President and CEO of ADT Automotive, he oversaw its sale to Manheim for $1,000,000,000 cash in 2000.” Sample continued: “I was fortunate enough to be in Tony’s organization for ten years during that period, saw first-hand what he can do, and firmly believe he is the very finest executive in the industry today. He was Acacia’s number one choice for that role, and we consider it a coup that he’s with us today. We think it’s possible to form another management group similar to the one ADT Automotive had, and that is exactly what we hope to accomplish with Acacia and Tony. We could not be more pleased!”

Moorby concludes: “This is an exciting time to be around the automotive auction business because of its many changes, and I’ve always maintained that there are opportunities where changes exist. Whilst the fundamentals remain the same, technology has become an enormous enabler for service companies to excel. Junior and I are very like-minded people and I’m looking forward to helping create a new group of auctions that can act in harmony on behalf of the employees and customers alike. He has done a superb job in structuring a company that is now ready to be fully funded and start acquiring auctions.” The Company hopes to complete its initial fundraising within approximately 60 days.

Moving its headquarters to Nashville, Tennessee, in early 2007, Acacia Automotive will be more centrally located to better accommodate commerce throughout the United States.

About Acacia Automotive, Inc.

Acacia Automotive (www.acacia.bz) is the newest member of the auto auction industry, but comes with seasoned veterans in management. Acacia’s management believes there were once three companies in balance that provided the industry’s clients with a solid stance and fair choice. That balance was destroyed when one leg was eliminated with the sale and subsequent absorption of ADT Automotive in 2000. Acacia intends to bring back that balance and return a much-needed stabilization to the industry because it believes “competition is a good thing”.

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Posted: 02|20|07 at 6:51 pm. Filed under: Auction News.