ANWK-
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--March 18, 1999--
AutoTradeCenter.com (OTC BB:ANWK) announced today that the company has
signed a Financial Consulting Services Agreement with National Capital
Merchant Group, Ltd. based in Irvine, Calif.
Vice-President and CFO Mark Moldenhauer stated, "Due to the rapid
success of the Company through our whole sale network and Internet
business, we reviewed several options and ways to maximize shareholder
value. We welcome the addition of National Capital Merchant Group to
the AutoTradeCenter.com team and look forward to exploring the market
opportunities before us."
AutoTradeCenter.com's Internet service represents a significant
addition to the "business-to-business" service application of the
Internet and complements its wholesale automobile business. The web
site is a revolutionary online service that allows automobile dealers
to view available inventory for more efficient dealer-to-dealer
buying, selling and trading.
The database of automobile inventory will be for wholesaling
only, limiting access over a secured connection to registered dealers.
Posting to the database is currently a free service for dealers. In
addition, the site provides large dealership groups an Intranet
service, allowing access to internal inventory through controlled
security access.
AutoTradeCenter.com Inc. 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.
AutoTradeCenter.com'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 AutoTradeCenter.com to take
advantage of geographical disparities in the value of cars.
The company's board of directors recently approved a name change
from Auto Network Group, Inc. to better reflect its Internet business.
For more information on AutoTradeCenter.com, please visit
www.AutoTradeCenter.com or 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.
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CONTACT: M&A West, Inc. (Investor Relations)
Gerry Richards, 650/588-2678
info@mawest.com |
