AutoTradeCenter.com, Inc. Merges With Walden Remarketing Services Inc.
Merger With Walden Remarketing Services Brings Business Remarketing Over 100,000 Vehicles Annually Into AutoTradeCenter.com
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--April 20, 1999-- AutoTradeCenter.com Inc. (OTC BB:ANWK - news) today announced that Walden Remarketing Services, Inc. has merged with and into the company.
The combined companies will keep the name AutoTradeCenter.com and will operate Walden's remarketing business as a separate division.
According to the terms of the transaction, AutoTradeCenter.com will issue restricted common stock, cash, and in notes to the shareholders of Walden.
Walden is one of the country's leading automotive re-marketing companies. Walden provides remarketing assistance to its customers in re-selling late-model, off-lease vehicles for automotive manufacturers and their captive finance companies. During 1998, Walden assisted in re-marketing over 100,000 vehicles for automotive manufacturers.
Walden's CEO Dennis Hecker, who has a long and successful track record in the automobile industry, founded Walden in 1995. He currently owns eighteen new car franchises in the Mid-West that sold over 100,000 new vehicles in 1998. Hecker's dealerships specialize in the sale of new vehicles to rental and commercial fleet accounts.
The merger will combine Walden's high-volume remarketing contacts with large automotive manufacturers and AutoTradeCenter.com's leading on-line wholesale service. The transaction will make the merged company one of the largest internet-based automotive re-sale companies in the industry.
''We are excited about the prospects for the company's future,'' said Hecker. ''The merged company will provide an opportunity to better serve Walden's customers.''
''Considering the strong interest shown in the recent initial public offering of Autoweb.com (Nasdaq:AWEB - news) and Autobytel.com Inc. (Nasdaq:ABTL - news) we are confident the financial markets will view the merger very positively,'' said Mark Moldenhauer, the company's CFO.
AutoTradeCenter.com is a leading Internet-based ''business-to-business'' e-commerce wholesaler of late-model and luxury used automobiles through its web site www.autotradecenter.com. The Web site is a online service that allows automobile dealers to view available inventory for more efficient dealer-to-dealer buying, selling and trading.
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.
|
