(BSNS WIRE) Auto Network Group Shifts Its Entire Business Online; Rename
Auto Network Group Shifts Its Entire Business Online; Renames Company
AutoTradeCenter.com Inc.; Annualized Revenue Exceeds $100 Million
Business Editors & Automotive Writers
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 3, 1999--Auto Network
Group, Inc. (OTC BB:ANWK) announced today that effective immediately
it will begin to convert all of its automotive wholesaling business to
become Internet based.
Reflecting this new strategic direction, the board of directors
has approved changing the company's name to AutoTradeCenter.com, also
the name of the company's highly-successful online auto wholesale
site.
As a result of the move, AutoTradeCenter.com will be an
automotive e-commerce site with annualized revenue in excess of $100
million.
The company also announced that it intends to file a disclosure
document during the month of March which will lead to the company
becoming a reporting issuer.
"The name change reflects our growing Internet focus and
presence," stated C.E.O. Michael Stuart. "The Internet will greatly
affect the way we do business in the future and we are pleased to be
in the forefront of the automotive industry moving online. We are
confident that our unique business characteristics will allow us to
expand and utilize the Internet as few others can."
AutoTradeCenter.com's site is a revolutionary, full-featured
"business-to-business" service that allows automobile dealers to view
automotive inventory for more efficient dealer-to-dealer buying,
selling and trading. The database of inventory is for the wholesale
trade only. Access is limited to registered dealers which include
automobile dealers, fleet and lease remarketers, financial
institutions, and rental car companies.
In addition, the site provides dealership groups an Intranet
service, allowing secured access to internal inventory.
The site is currently being expanded to facilitate online
automotive auctions utilizing an auction environment similar to retail
auction sites such as eBay (NASDAQ:EBAY) and uBid (NASDAQ:UBID).
AutoTradeCenter.com will provide an Internet-based alternative to the
conventional auto wholesale industry, saving time and money for auto
dealers across the country. In 1998 the national used vehicle market
comprised over 40 million units representing over $375 billion in
sales.
AutoTradeCenter.com, Inc. is the nation's fastest growing,
publicly-held wholesaler of used late model and luxury automobiles.
The Company is gaining market share in key urban areas by acquiring
and consolidating the independent automobile wholesaling companies.
This business strategy capitalizes on the enormous opportunity to
create economies of scale in a widely-fragmented industry and allows
AutoTradeCenter.com to take advantage of geographical disparities in
the value of cars.
For more information on AutoTradeCenter.com, please visit the
Company's sites: www.AutoTradeCenter.com and www.anwk.com.
Statements regarding financial matters in this press release
other than historical facts are "forward-looking statements" within
the meaning of section 27 A of the Securities Act of 1933, Section 21
E 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 may differ materially from expected results.
--30--gdr/sf*
CONTACT: M&A West, Inc.
Gerry Richards, 650/588-2678 (Investor Relations)
info@mawest.com
KEYWORD: ARIZONA
INDUSTRY KEYWORD: INTERACTIVE/MULTIMEDIA/INTERNET AUTOMOTIVE
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