Advanced Definition Systems Enters Into an Acquisition Agreement.LOS ANGELES--(BUSINESS WIRE)--April 27, 1999-- Advanced Definition Systems Inc.("ADS")(Nasdaq:ADEF ADEF African Development and Education Foundation ) has entered into an acquisition agreement with C Corp. Automotive Design Automotive design is the profession involved in the development of motor vehicles or more specifically road vehicles. This most commonly refers to automobiles but also refers to motorcycles, trucks, buses, coaches, and vans. Inc. ("CCAD CCAD Columbus College of Art and Design (Columbus, OH) CCAD Corpus Christi Army Depot (US Army; Texas) CCAD Cleveland College of Art and Design (UK) ") of Calgary, Alberta Canada under the terms of which ADS will acquire all the issued and outstanding shares of CCAD. CCAD is in the business of designing, engineering and fabricating specialty vehicles such as concept and retro [Latin, Back; backward; behind.] A prefix used to designate a prior condition or time. automobiles. to date ccad has signed a multiyear $45 million dollar contract with w5 distributors limited, whose affiliate company, a 48 year old united kingdom based automobile assembly company, will final assemble and distribute 2000 of CCAD'S vehicles over a ten year period. The management of CCAD will assume control of ADS upon closing. Advanced Definition Systems Inc. (ADEF) NASD-Bulletin Board. Announces it has completed an acquisition agreement with CCAD, a privately owned Company located in Calgary Alberta Canada. The principal terms of the agreement will merge both entities and CCAD will assume control of the management of ADS. Additional equity capital was infused at the time the agreement was signed in order to fund CCAD's growth plans and to hasten has·ten v. has·tened, has·ten·ing, has·tens v.intr. To move or act swiftly. v.tr. 1. To cause to hurry. 2. its ability to deliver on pre-existing automobile contracts to both Japan and the U.K. for several years. Robert E. Seidenglanz, Former Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADS stated: "We conclude through our review of the CCAD's Business plan that the CCAD Management has developed a unique specialty automotive product opportunity of the highest quality. We welcome and support the opportunity this acquisition provides for all of the shareholders of both entities." Mr. Terry Fields Terence Fields, known as Terry Fields, (born 8 March, 1937) is a British politician and a former Labour Member of Parliament for the (now defunct) constituency of Liverpool Broadgreen from 1983 until 1992. of ADS will remain with the resulting entity, and Mr. Blaine Kennedy assumes the responsibilities of CEO, with CCAD's present management team in place. Mr. Kennedy states "This acquisition puts into place a key component to allow the company to build our vehicles now under contract and deliver them to our global customers. Mr. Thomas Vukovich of Toronto, Ontario Canada, will assume a seat on the Board of Directors. Further information will be provided in our next press release, which will occur at closing. |
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