Auto Data Network Signs Heads of Agreement to Purchase MMI-Automotive.Business Editors/High-Tech 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. , UK--(BUSINESS WIRE)--Dec. 16, 2003 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, today announced the signing of 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 purchase MMI-Automotive, a leading provider of Windows(TM) based CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. (Customer Relationship Management) software for the European automotive industry. MMI (Man Machine Interface) See HMI. 1. MMI - Man-Machine Interface. 2. (company) MMI - The company which developed the first Programmable Array Logic devices. MMI was bought by AMD. software is trusted by some of Europe's largest vehicle groups: Dixon Motors (59 retail sites), The Camden Motor Group (23 retail sites), Arnold Clark (120 retail sites), Dagenham Motors, Europe's largest Ford dealer group, and every Peugeot retailer in France. In total, over 2,800 dealerships throughout Europe use MMI Software solutions. Major motor manufacturers including Ford, Mitsubishi, Peugeot and Hyundai, have also endorsed MMI software. MMI provides a suite of modular products designed to offer a full-service solution to large, automotive retailer groups. Emphasizing the importance of customer, and group-customer, relationships, these modules are integrated to form an information and marketing framework that is designed to maximize profitability, efficiencies and customer loyalty. MMI has led the development of automotive computer systems for over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. . Early adopters of the Microsoft Windows(TM) operating system, MMI pioneered the development of user-friendly and 'easy-to-implement' systems, with the additional benefits of real-time management reporting. MMI provides customers with a website design service that has recently been augmented by web-based, e-media marketing and customer service solutions. Chris Glover, ADN's 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, "MMI's products and services have focused on the importance of increasing revenues per customer and customer retention for over 20-year. Its large client base is compelling testimony to its industry leadership." Mr. Glover continued, "MMI is a strategic fit in achieving our objective of providing a comprehensive software solution to automotive retailers, worldwide. Target marketing and valuable aftermarket opportunities are essential components of an effective sales campaign. We will continue to add comparable, industry leading software to ADN's portfolio as we build a comprehensive base of automotive industry management solutions, empowered by a single information platform." 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 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 while 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 dealership's profit from only 12% of their overall revenue. The second most profitable area is vehicle finance and insurance, which contributes 35% of a dealership's profit from 2% of its revenues. 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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