Auto Data Network Expands Orbit Platform, Completes Acquisition Of County Services.Business & Technology Editors/Automotive Writers 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--(BUSINESS WIRE)--Sept. 20, 2002 Auto Data Network (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADNW) today announced that it has closed the acquisition of County Services, a provider of insurance services and consultancy to the auto industry, underscoring the Company's continuing expansion of its Orbit Platform. Chris Glover, Chairman and 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, "During the first six months of our current financial year we have made two acquisitions, the latest of which is County. This acquisition is synergistic with our strategy of acquiring profitable businesses in the software and incremental services field which enhance the offering of our Orbit platform. We have spent considerable resources developing the Orbit platform over the past two years and we are now starting to see the benefit in terms of fiscal results. The group's results for the Quarter ended August have shown profitable operations for the first time in line with our expectations. We now have the opportunity to aggressively build upon the Orbit platform in the second half of this year with further acquisitions of profitable businesses which we can integrate with Orbit." About Auto Data Network Auto Data Network (ADN ADN Anchorage Daily News (Alaska newspaper) ADN Yemen (international vehicle registration) ADN Ácido Desoxirribonucleico ADN Acide Désoxyribonucléique (French: DNA) ) is a software and services provider to the European 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. . ADN operates a proprietary information platform, Orbit, which provides a common information exchange to link together the industry's many data technologies. Auto Data Network combines live industry data through Orbit with a comprehensive suite of software services in a cost-effective subscription model. Subscribers can act upon real-time information and take informed decisions in response to changing industry needs so reducing costs and improving competitive advantage. 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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