AUTM/AEP news! - Friday April 7, 12:38 pm Eastern Time
Company Press Release
Auteo Media Announces Merger with Abstract Enterprises
Steve Van Leeuwen Named Chairman of the Board
SEATTLE--(BUSINESS WIRE)--April 7, 2000--Auteo Media, Inc. (OTCBB:AUTM - news), a leader in online data and media solutions for the auto industry, announced today it has signed a letter of intent to merge by way of plan of arrangement with Abstract Enterprises Corporation, (AEP:Canadian Venture Exchange), based in Vancouver, Canada.
Under the terms of the agreement, Abstract shareholders will receive one share of Auteo Media for every four shares of Abstract Enterprises Corporation. The acquisition will be accounted for as a pooling of interests and is expected to close in the quarter ending June 30, 2000. Upon completion of the transaction, approximately 8.75 million shares of Auteo Media will be outstanding. The acquisition is subject to various closing conditions and has been approved by the board of directors of Auteo Media. Steve Van Leeuwen will remain President and Chief Executive Officer, of Auteo Media which will continue to operate under the name Auteo Media and be headquartered in Seattle, Washington.
Mr. Van Leeuwen has also been named Chairman of the Board of Auteo Media. He brings nearly 20 years of business management, marketing and leadership experience gained from successful senior executive assignments with Bard Diagnostic Sciences, Biotope, Inc. and Roche Diagnostics-Boehringer Mannheim. He also remains President of TYSA Corporation.
As announced on February 29, Flintrock Financial Services acquired a majority interest in TYSA Corporation, and then announced on March 21 that the name of the company was changed to Auteo Media, Inc. Auteo Media, Inc. currently owns 82.5% of TYSA Corporation. Abstract Enterprises Corporation holds 5% of TYSA Corporation and also holds an option to acquire an additional 12.5% interest in TYSA. By acquiring Abstract Enterprises, Auteo Media gains full control and ownership of TYSA Corporation.
``It is important to our long term success that Auteo Media gain full control of TYSA Corporation,' continued Van Leeuwen. ``TYSA Corporation is the largest point-of-purchase automotive marketing company on the West Coast, and brings immediate synergistic benefits to all of our business units.'
About Auteo Media, Inc.
Auteo Media, Inc., (OTCBB:AUTM - news) is a leading provider of online data and media solutions to buyers and sellers of autos and auto accessories. Auteo Media operates Autoloco.com and Bidthatcar.com, providing one-stop convenience for consumers and dealers to locate and buy new and used vehicles and is developing Partcart.com, a OEM auto parts warehouse, Pocketauto.com and Palmauto.com, will provide auto dealers the ability to conduct online transactions at any time and anywhere, and Contactauto.com, a proprietary contact management system to help auto dealers maximize e-commerce customer interactions. Auteo Media works with more than 130 auto dealerships, auto parts suppliers, and other commerce partners and is becoming one of the leading technology companies serving the automotive industry. For more information, visit www.auteo.com.
Certain statements in this press release are ``forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including Auteo Media, Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based upon information available to the parties as of such date. It is important to note that actual outcome may and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as technological, legislative, corporate, financial and marketplace changes.
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Contact:
Auteo Media, Inc.
Steve Van Leeuwen, 425/415-1694 |
