Autodaq and AutoTradeCenter Close Merger; New Company Poised for Explosive Product Growth.Business Editors MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif. and MESA, Ariz.--(BUSINESS WIRE)--Oct. 16, 2002 Autodaq Corp. and AutoTradeCenter.com Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AUTC AUTC Australian Universities Teaching Committee ) announced today the closing of the two companies' merger agreement signed in June. The merger was overwhelmingly approved at a special shareholder meeting of AutoTradeCenter.com held in Phoenix Oct. 4, 2002 and a separate special shareholder meeting of Autodaq Corp. The combined entity, AutoTradeCenter Inc., offers the most comprehensive set of upstream automotive remarketing services for manufacturers, leasing, rental and fleet companies as well as wholesalers and automobile retailers. Three members of AutoTradeCenter.com's current board of directors will join the new entity's board of directors and senior management of both entities will remain with the combined entity. Adam Boyden, president and chief executive officer of Autodaq, is the chairman of the board of the new entity, and Roger L. Butterwick, president of AutoTradeCenter.com, is the president. A complete listing of all officers can be found on the company's Web site. The merged entity will retain its administrative offices and technology group in Menlo Park, the Internet dealer services operation center in Mesa, and the remarketing management, lease maturity management and sales and leadership-training center in Minneapolis. In a separate action, the new board of directors approved the sale of the contemplated Preferred Series E financing up to $4 million. The company initially closed on $3 million and set the exercisable price of the warrants to be issued in connection with the financing at $0.01. "The merger closing of AutoTradeCenter and Autodaq is an exciting milestone for each company," commented Roger L. Butterwick, president. "With the legal complexities involved with the merger behind us, we are now focusing our efforts toward providing the most comprehensive set of upstream remarketing services for manufacturers, leasing, rental and fleet companies as well as wholesalers and automobile retailers. Within the next few months, we will be launching a plethora of new products and services designed to further streamline and enhance the upstream Internet vehicle remarketing process." AutoTradeCenter, Inc. (ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ) is a leading Internet-based "business-to-business" automotive remarketing company offering its services to automobile manufacturers, captive finance companies Captive Finance Company A subsidiary whose purpose is to provide financing to customers buying the parent company's product. Notes: The captive finance company is usually wholly owned by the parent company. , lease and rental companies, and financial institutions across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . ATC powers operating successful remarketing programs for such companies as Audi, Honda, Hyundai, Isuzu, Suzuki, Volvo, Volkswagen, Enterprise Rent-a-Car, and several other banks and financial institutions. For more information on AutoTradeCenter Inc., please visit http://www.autotradecenter.com or contact Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most at lseegan@autotradecenter.com. Statements regarding financial matters in this press release other than historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is 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. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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