Auto Data Network Enters into Heads of Agreement to Acquire AutoMaster Oy; AutoMaster Services over 10,000 Users in 33 Countries.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 Inc. (ADNW: OTCBB OTCBB See OTC Bulletin Board (OTCBB). ), 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 worldwide 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 that is has entered into a Heads of Agreement Heads of Agreement A non-binding document outlining the main issues relevant to a tentative partnership agreement. Notes: It is the draft used by lawyers when drawing up the contract. It serves as a guideline for both parties before any documents are legalized. to acquire AutoMaster Oy, an automotive business IT solutions provider serving 33 countries on five continents. The acquisition, the terms of which are currently subject to a confidentiality agreement, is expected to close by the end of February 2005. AutoMaster, established in 1985, is based in Helsinki, Finland and has corporate offices in Sodertalje, Sweden, and Tallinna, Estonia. AutoMaster specialises in developing integrated automobile dealer and importer management systems. Its solutions support multi-franchise, multi-site and multi-currency functionality. AutoMaster is recognized as the most experienced dealer service provider in Europe in handling multi-franchised dealerships. Its software supports more than 30 makes and is the recommended dealer management system for General Motors and Scania in several European countries. Chris Glover, 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. , commented, "As part of the ADN ADN Anchorage Daily News (Alaska newspaper) ADN Yemen (international vehicle registration) ADN Ácido Desoxirribonucleico ADN Acide Désoxyribonucléique (French: DNA) group, AutoMaster will have a strong financial position from which to better compete in a global market, especially when dealing with automobile manufacturers. In addition to strengthening Auto Data Network's product portfolio, the acquisition will also advance its ability to cross-sell products into more than 30 countries." AutoMaster is expected to benefit from Auto Data Network's strong, focused sales channel and utilize Auto Data Network's wider product offering for its existing customer base. Auto Data Network's specialized technological support should also provide a boost to AutoMaster's product development. About Auto Data Network 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 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. 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. About Automaster Oy Automaster Oy is an innovative provider of IT solutions for the automotive business focusing on the modern vehicle trade and import. The company has been in the fore-front of industry since 1983. As a Finnish and Swedish based technology company, we offer advanced and modern solutions for the automotive industry. There are more than 100 industry professionals working as co-workers with Automaster development. Outside of our home markets we operate through an extensive global partner network. Automaster is now represented in 5 continents with installations in 33 countries with more than 10,000 users. Automaster has sales and service offices in 12 countries in Europe. 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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