Auto Life Business Purchased.Business Editors & Automotive Writers CARLSBAD, Calif.--(BUSINESS WIRE)--Jan, 8, 2003 Dick McGorrian, president of Auto Life Acquisition Corp., announced today the purchase of 100% of the assets of the former Auto Life USA Inc. The sale was approved on Dec. 19, 2002, by the U. S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. overseeing Auto Life USA's bankruptcy estate. Also purchased, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. McGorrian, were 100% of all the intellectual property, patent and trademark rights -- both U. S. and Foreign -- from Advanced Automotive Technologies Noun 1. automotive technology - the activity of designing and constructing automobiles automotive engineering engineering, technology - the practical application of science to commerce or industry Inc. (AATI AATI Austin Area Translators and Interpreters Association AATI Asociación Argentina de Traductores e Intérpretes ), a predecessor company of Auto Life USA, which had been in patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Auto Life for the past two years. Auto Life USA and AATI specialized in the manufacture and distribution of Engine Flushing and Transmission Flushing systems, designed to extend vehicle life, engine performance and fuel economy. As described by McGorrian, the purchase of 100% of the intellectual property rights of both Auto Life USA and AATI not only resolved the pending patent dispute between those two companies, it enabled the new company to corral corral a small fenced-in enclosure with high, wooden fences, suitable for holding cattle or horses. corral system a management system in which range cattle are put into corrals and fed hay for a period when the environment is most all such product, patent and trademark rights owned by either or both companies. "Previous ownership has no position or stake in the new company," stated McGorrian, who along with various industry professionals and investors formed the acquiring company. The acquired business will be conducted under the Auto Life name according to Don Snedden, vice president of business development, as that name and trademark were also purchased in the sale. However, stated Snedden, the marketplace will see many new changes. "New and significantly advanced machines will be rolled out around the first of February 2003, and we expect these to become the industry standard," offered Snedden. New product designs for the Engine and Transmission flushing, fuel injection, coolant coolant (kōō´l  nt),n flushing and leak detection machines, professional management; and the necessary capital investment will now be present to rapidly advance the business, according to McGorrian. Snedden stated, "Product support and offering the highest quality machines and cleaning solutions is our watchword." McGorrian added, "We are finalizing strategic relationships that will position the new Auto Life to be in an unparalleled position to advance its business and be the clear industry leader." Those seeking more information on the NEW Auto Life, can contact Dick McGorrian or Don Snedden at 760/438-9774. |
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