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Auto Network USA Announces the Completion of $1 Million in Debt Funding
Commences Operations in Denver
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 28, 1998--Auto Network USA (AUTONET) (OTC BB:ANWK), the fastest growing, publicly held wholesaler of used luxury automobiles in the United States, announced today that the Company has received $1 million in debt funding.
The funding is part of a previously signed Letter of Intent with Flagstone Automotive, out of Vancouver, Canada.
In addition the Company announced that it has opened operations in Denver, Colo. The Denver operation is AUTONET's newest location, adding to the home office in Scottsdale, their first expansion office Albuquerque, N.M., and two Canadian operations. Discussions continue with a number of other possible U.S. locations.
Mike Stuart, President and CEO, stated ''These transactions represent our continued efforts to expand our business and push forward. Our goal is to consolidate the wholesale automobile business just as Republic Industries (NYSE:RII - news), United Auto Group, Inc. (NYSE:UAG - news) and others have done on the retail side.''
Auto Network USA also wishes to announce that its shareholders have approved a name change to Auto Network Group Incorporated. The change will be implemented in the current quarter.
Auto Network USA (AUTONET) is the fastest growing, publicly-held wholesaler of used late model and luxury automobiles in the country. The Company is capitalizing on the billion-dollar wholesale market by focusing operations in strategic segments of the country.
AUTONET's strategy is to gain market share in key urban areas by acquiring and consolidating the independent automobile wholesaling companies. This strategy will provide the Company with access to a large and growing volume of high-quality late model and luxury automobiles. It will also allow AUTONET to take advantage of geographical disparities in the value of cars.
For more information on Auto Network USA, please visit www.anwk.com.
Financial Statements in this press release (if any) other than historical facts are ''forward-looking'' statements 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 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 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 could differ materially from expected results.
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Contact:
M&A West, Inc.
Gerry Richards, 650/588-2678 (Investor Relations)
www.mawest.com
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