Auto Data Network in Letter of Intent to Acquire AutoMatrix.Business Editors TUNBRIDGE WELLS Tunbridge Wells: see Royal Tunbridge Wells, England. , U.K.--(BUSINESS WIRE)--Dec. 19, 2002 Auto Data Network Inc.(OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADNW.OB), provider of a regional, national and European real time data network serving the automotive sector, today announced a letter-of-intent to acquire AutoMatrix UK Limited for an undisclosed amount in cash and stock. The terms of the acquisition are subject to a confidentiality agreement. The acquisition is expected to close in the next sixty days. AutoMatrix UK Limited is an innovative Automotive Retailer based in the north east of England The East of England is one of the nine official regions of England. It was created in 1994 and was adopted for statistics from 1999. It includes the ceremonial counties of Essex, Hertfordshire, Bedfordshire, Cambridgeshire, Norfolk and Suffolk. . Established in 1999, they have successfully developed a new approach to vehicle retailing which gives the customer unlimited choice by sourcing all of their vehicle requirements through numerous trade suppliers. No physical stock is carried therefore massively reducing costs and the need for oversized o·ver·size n. 1. A size that is larger than usual. 2. An oversize article or object. adj. o·ver·size also o·ver·sized Larger in size than usual or necessary. premises. 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, "AutoMatrix will be an integral component of our Company's business. We are extremely excited about this acquisition as there are considerable synergistic benefits for the rest of our group. This acquisition will create additional sales opportunities across the group. As we have previously stated Auto Data Network is consolidating fragmented software companies that service the auto industry. Automatrix is expected to play a prominent role in our future developments". 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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