Auto Data Network Announces Letter of Intent to Acquire E-Com Multi Ltd.Business Editors TUNBRIDGE WELLS Tunbridge Wells: see Royal Tunbridge Wells, England. , UK--(BUSINESS WIRE)--Jan. 24, 2002 Auto Data Network Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Bulletin Board:ADNW), provider of a regional, national and European real time data network serving the automotive sector, today announced a letter-of-intent to acquire E-Com Multi Ltd. for an undisclosed amount in cash and stock. The terms of the acquisition are subject to a confidentiality agreement. The acquisition, the second announced by the Company this month, is expected to close in the next sixty days. Originally established as Autosell in 1997, Warwickshire-based E-Com Multi Ltd. collects and provides industry data from a large number of automotive dealers, finance houses and manufacturers. The company's current customers include: HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , GM Interleasing, SAAB SAAB Svenska Aeroplan Aktiebolaget (Swedish Aeroplane Corporation; auto/aircraft manufacturer) SAAB Student-Athlete Advisory Board SAAB Student African American Brotherhood SAAB South African Association of Botanists , Volkswagen, Fiat, Deloitte & Touche, Honda GB, Godfrey Davis, Nissan, Mitsubishi and Lombard. Auto Data Network's 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. Chris Glover commented, "E-Com Multi will add to the core of ADN's network. Its strategic industry relationships will considerably enhance our Company's capabilities." Auto Data Network comprises a group of established, automotive companies providing real time data and transactional services to manufacturers, retailers and consumers thereby enabling industry-wide revenue generation, communication and information collection. Services are integrated onto a single transaction platform and data network. The platform propositions are integrated as a communications channel Also called a "circuit" or "line," it is a pathway over which data are transferred between remote devices. It may refer to the entire physical medium, such as a telephone line, optical fiber, coaxial cable or twisted wire pair, or, it may refer to one of several carrier frequencies that allows all automotive sector participants to transact within a single environment, in which transactional data is added and modified on the network. This process creates a unique source of "Intelligent Information(TM)" that can be accessed by subscribing companies to analyze and react to changes in market conditions. 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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