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Auto Data Network's Aftersoft Group Signs Acquisition with W3 Group; Listing for Aftersoft Achieved with Acquisition of Publicly Traded Company.


NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
 & TUNBRIDGE WELLS Tunbridge Wells: see Royal Tunbridge Wells, England. , England -- Auto Data Network (OTC OTC

See: Over-the-counter.


OTC

See over-the-counter market (OTC).
 Pink Sheets: ADNW) today announced the signing of an acquisition agreement between Aftersoft Group Inc. ("Aftersoft"), a wholly owned subsidiary Wholly Owned Subsidiary

A subsidiary whose parent company owns 100% of its common stock.

Notes:
In other words, the parent company owns the company outright and there are no minority owners.
 of Auto Data Network Inc. focused on the automobile after-market software business, and W3 Group Inc, a company publicly traded on the OTC Bulletin Board OTC Bulletin Board

An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system.
.

In line with the Company's previously announced strategy of separating its aftermarket business from its dealership management business and obtain individual public listing for each business unit, it has agreed to acquire W3 Group Inc. in which the Company intends to contribute all the assets of Aftersoft in return for 32,500,000 shares and complete the spin-off in the form of a tax-free stock dividend to shareholders of record .65 to 1 exchange (65 shares of Aftersoft for every 100 shares of ADNW), which is to be effective following Auto Data Network shareholder and Board of Directors' approval. Upon closing of the acquisition agreement, W3 Group Inc will change its name to Aftersoft Group Inc. and Aftersoft Group's management will replace the officers of W3 Group Inc on the board of directors.

Aftersoft is a leading supplier of ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer.  Supply Chain management solutions to parts manufacturers, distributors and retailers. Aftersoft's operations consists of Car Parts Technologies Inc., based in San Juan Capistrano, California San Juan Capistrano is a city in southern Orange County, California, USA, located approximately 23 miles southeast of Downtown Santa Ana. The current OMB metropolitan designation for San Juan Capistrano and the Orange County Area is “Santa Ana-Anaheim-Irvine, CA. , currently the second largest supplier of software to the automotive parts market in the U.S.; and MAM Software Limited, based in Sheffield, UK, the leading supplier of software to the automotive parts market in the U.K.

These businesses service the automotive parts aftermarket, which consists of the manufacture, distribution, sale and installation of new and used parts used in the maintenance and repair of automobiles. It is estimated that the automotive parts aftermarket currently generates revenues in excess of $120 billion, annually.

About Auto Data Network

Auto Data Network is a group of established companies which provide software products and services to the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . The company's main customer base is the auto dealership marketplace. This marketplace consists of approximately 78,000 dealers in North America and 92,000 dealers in Europe. The company estimates that this represents a $15 billion market for Software and Services specifically for auto dealerships. The company supplies a suite of software solutions and services that enable dealerships to run their businesses more efficiently while achieving considerable cost savings. The majority of the company's current solutions are focused on serving the aftermarket and finance areas of dealerships. These areas are of particular importance as the aftermarket business is responsible for 48% of a dealerships profit from 12% of their overall revenue. The second most profitable area is vehicle finance and insurance this area contributes 35% of profits from 2% of revenues.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence ob·so·les·cent  
adj.
1. Being in the process of passing out of use or usefulness; becoming obsolete.

2. Biology Gradually disappearing; imperfectly or only slightly developed.
; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission (SEC).
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:4EUUK
Date:Jul 22, 2005
Words:560
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