Auto Data Network Agrees to Strategic Purchase by SAP of DCS Group's Quantum IP.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, England -- Sale Clears Way for the Completion of ADN's Purchase of DCS (1) See also DSC. (2) Digital Cross-connect System) A network switching and grooming device used by telecom carriers. See digital cross-connect. Automotive and Creates Channel to Additional Market for DCS Auto Data Network Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADNW), a provider of software and real-time data services to the automotive industry, today announced that it has endorsed DCS Group PLC's sale of DCS' intellectual property rights to its Quantum product to SAP AG (NYSE NYSE See: New York Stock Exchange : SAP) for US $10 million. ADN ADN Anchorage Daily News (Alaska newspaper) ADN Yemen (international vehicle registration) ADN Ácido Desoxirribonucleico ADN Acide Désoxyribonucléique (French: DNA) added that DCS' operating division DCS Automotive, in which ADN holds a one third stake and is expected to complete the purchase of shortly, will continue as a European reseller for the newly developed "SAP solution", and that it will receive 40 percent of the net proceeds of the deal, after tax and costs. DCS said the sale is subject to preconditions, and is expected to be completed in January. "With this event behind us, we can quickly move to complete our acquisition of DCS Automotive," commented, Chris Glover, ADN's chairman. "The sale to SAP expands our target customer base; promotes the further development of DCS' DMS (1) (Document Management System) See document management. (2) (Defense Messaging System) An X.500-compliant messaging system developed by the U.S. Dept. of Defense. system, which is powered by SAP's mySAP.com(R); and will have a positive impact on revenues and earnings as it opens up additional sales channels." About Auto Data Network Auto Data Network is a group of established companies that provide real time data and transactional services and software products to the automotive industry. The company's main customer base is the auto dealership marketplace, which consists of approximately 78,000 dealers in North America and 92,000 dealers in Europe. Auto Data's objective is to create the most comprehensive, online database for the European and U.S. automotive sectors to improve efficiency, competitiveness and cultivate communications between dealers, suppliers, OEMs and customers to reduce costs and increase clients' profitability. 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). |
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