Insta-rent's earnings are currently negative but the company said, "it is operating close to a cash neutral position.

An as yet unnamed company has made an offer to acquire Insta-rent, the Rent to Own division of Canadian operator Rentcash Inc (TSXV: RCS).

When Rentcash first announced its intention to sell off Insta-rent in September, 2006 (see story),  there were 92 Insta-rent locations including 6 stand-alone stores, 67 kiosks in "The Brick" and 19 in "United Furniture Warehouse" stores. The Brick and United Furniture Warehouse locations are part of The Brick Group, one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics.

UPDATE: The Brick company has a 30 day first right of refusal. The third party offer is currently being reviewed by The Brick, who has until March 6th to make their own offer.

Insta-rent's earnings are currently negative but the company said, "it is operating close to a cash neutral position."

The offer to acquire Insta-rent was received on February 6, 2007.

Rentcash will hold a conference call to discuss its first quarter results ended December 31, 2006 today, February 9, 2007 at 12:30 p.m. EST.

A link to the live webcast will be available from My RTO Portfolio.