Auto Data Network Announces Strategic Investment & Definitive Agreement with CarParts Technologies, Inc.Business Editors TUNBRIDGE WELLS Tunbridge Wells: see Royal Tunbridge Wells, England. , United Kingdom--(BUSINESS WIRE)--July 29, 2003 "Relationship with CarParts Technologies, Inc., provides an established route to the substantial automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. opportunity in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. " Auto Data Network Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADNW), a provider of software and real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. 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. , today announced the completion of a strategic investment in CarParts Technologies, Inc.. CarParts Technologies, Inc. (CarParts) is a leading provider of software systems to the automotive aftermarket supply chain. Over 3,000 customers, including leading automotive aftermarket outlets, tier 1 manufacturers, program groups, warehouse distributors, tire and service chains and independent installers across all 50 U.S. states and Canada, rely on CarParts software. Under the terms of the agreement, Auto Data Network has made a strategic investment of $2 million to fund the continued growth of the company. ADNW will also acquire CarParts Technologies on a pre-determined formula at the end of 2005. CarParts has developed the world's first application suite that puts the Internet inside its VAST point-of-sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) and back office (DirectStep) automotive aftermarket systems. CarParts has created an industry-specific private trading network, OpenWebs(TM) Intelligent Trading Network, with in-built, secure trading and accounting functionality that lets members buy from, and sell to, any other partner on the network - distributors, manufacturers, even other dealers. Since everyone is connected under trading rules, members can confirm sales to their own customers based on accurate information and reduce their inventory. CarParts' OpenWebs(TM) Intelligent Trading Network integrates with existing industry systems from a standard Microsoft based platform resulting in lower customer installation costs and minimal user training requirements. Using OpenWebs(TM), CarParts has also deployed a leading tire-industry 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. application, Tradera, with advanced tire functionality, tire adjustment warranty tracking, volume bonus accruals and integration with retread re·tread tr.v. re·tread·ed, re·tread·ing, re·treads 1. To fit (a worn automotive tire) with a new tread. 2. software. Computer-to-computer connectivity with leading tire manufacturers provides accurate real-time product information to assist dealerships and repair centres in managing and extending their relationship with customers. "Our recent acquisition of MAM Software, a leading European aftermarket software supplier and our subsequent transaction with CarParts Technologies, have created the footprint from which we intend to expand our aftermarket offering in the US & Europe," said Chris Glover, Chairman and Chief Executive Officer of Auto Data Network. "There is a complementary suite of products that both companies sell which means that current product lines will not be replaced in their respective markets." Auto Data Network's subsidiary MAM Software Limited, recently announced the release of a new version of its software, Autopart Version 2.1. Commenting on the acquisition of CarParts, Murdo Jamieson, MAM Software Managing Director said, "We are pleased that CarParts' software development has pursued a similar strategy to our own. Our mutual adherence to open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced , such as Microsoft's .NET (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 : MSFT MSFT Microsoft (stock symbol) MSFT Movimento Sociale Fiamma Tricolore (Italy) MSFT Multi-Stage Fitness Test MSFT Master of Science in Family Therapy MSFT Macalester Students for Fair Trade ), will simplify the integration of our service offerings to the benefit of our customers in our respective markets. Collaboration between our development teams will lead to a complete and integrated suite of product offerings to the automotive aftermarket." Both CarParts and MAM Software bring highly experienced management teams and a powerful, unduplicated roster of customers in their respective North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European markets. The combined product lines of the two companies addresses market needs for new automotive aftermarket services that are expected to be broadly adopted in coming years. "This investment and strategic partnership will enable CarParts Technologies to broaden it's offerings to the North American market," said David McCann David McCann (born March 17 1973) is an Irish professional road bicycle racer for the american continental squad: Team Colavita Racing. He was the 2006 Irish national road race champion, a title he has won 2 other times. , 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 CarParts Technologies Inc. " Our combined resources and competencies will enable us to capture larger market share, and better enable our target customers to derive profits and growth from the $237 billion US aftermarket which serves 200m US car and Fleet owners." CarParts Technologies is a leading provider of open, business automation and distribution channel eCommerce systems for the automotive aftermarket supply chain. CarParts systems are used by more than 3,000 leading aftermarket outlets including tier 1 manufacturers, program groups, warehouse distributors, tire and service chains and independent installers in all 50 U.S. states and Canada. The MAM Software organisations, MAM Software Ltd., and MAM Software North America, are subsidiaries of Auto Data Network Inc., and supply leading edge technology solutions to the automotive aftermarket market in North America and the United Kingdom. Established for over twelve years MAM Software produces aftermarket software for retailers, motor factors, distributors and garage/workshops businesses. Auto Data Network is a group of established companies which provide software products and services to the automotive industry. 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 whilst 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. Legal Notice Regarding Forward Looking Statements: 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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