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NASDAQ; AOOO autoco.com NEW E-BUSINESS SUCCESS STORY BEGINS. On May 17th 1999, the shareholders of Data Acquisition Technologies, Inc. convened a shareholders meeting and approved all necessary corporate actions to authorize the acquisition of the assets of Toronto based GTA Auctions and Liquidations and The Motor Pages.com and to elect new directors and to change the name of the company to Autoco.com Ltd. (AOOO-NASDAQ B.B.) effective the 1st day of May, 1999. As a result of the acquisition, AOOO operates the largest public automotive and liquidation auction in the Province of Ontario accounting for over 50% of the total market with revenues for its second year of operations (1998) in excess of $10 million. The acquisition additionally provides AOOO with a newly developed automotive Web Site, TheMotorPages.com, bringing state of the art technology to set new standards in E-Business for the automotive industry. It is expected that TheMotorPages.com web site will be functional within 30 days from the effective date of the Agreement and will garner a leading position and market share in the fast tracking automotive E-Business Internet sector. Business Operations AOOO is a Minnesota public corporation established on the 23rd day of April in 1998 the shares of which trade on the NASDAQ Bulletin Board under the symbol AOOO. The Company has acquired all of the business assets and goodwill of GTA Auctions and Liquidations and TheMotorPages.com, two Canadian firms based in Toronto, Ontario. GTA Auction and Liquidations is an established auto and liquidation auction enterprise with 1998 revenues in excess of $10 million. The GTA division expects continued growth into the future at a rate of approximately 50% annually. TheMotorPages.com is a new innovative auto web site providing both the dealer and the customer with the latest technological advancements in web site design and functionality. TheMotorPages.com provides the dealer with a real time inventory control and maintenance system and a very effective means of advertising. The dealer will also be able to expand his inventory to include the virtual inventory represented by all of the inventory displayed as dealer wholesale vehicles, readily providing greater opportunities of increased sales. Electronic Business E-Commerce or E-Business has continued a rapid increase in volume both in terms of the number of business entities utilizing the Internet to provide goods and services and in terms of the number of individuals making purchases using the Internet. There are a great number of published statistics from various sources clearly indicating that the future for business in many industries rests with an effective and efficient use of E-Business and the Internet. There are approximately 35 thousand auto dealers within the immediate market area for TheMotorPages.com. TheMotorPages.com with our experienced management expects significant market penetration into this market. Each member dealer will enter into subscription agreements with TheMotorPage.com. Recent quotes that highlight the growth potential and E-Business opportunities for AutoCo.com: There are approximately 15 million new and 41 million pre-owned vehicles sold in the United States in 1997. It is estimated that the new and pre-owned vehicle market exceeds $670 billion annually. Recent studies point to a dramatic increase in on-line transactions. For example, the IDC, a leading private sector forecasting firm, estimates that by 2003, Canadian Internet commerce revenues will total C$80.4 billion. This is an immense opportunity for Canadian businesses." A new report from Roper Starch estimates that a quarter of US households now have Internet access, up from an estimate of 14 % in 1997. According to J.D. Power & Associates, in 1998 25% of all vehicle purchasers used the Internet to search for information on vehicles in the United States. The figure is expected to rise to 37% by the end of the year 2000. Anderson Consulting reports that the number of Web-literate CEO?s around the world has increased significantly to 92% with non-US executives gaining ground on their North American counterparts. According to the Intermarket Group, in 1998 the top 100 e-commerce sites invested an average of US $8.6 million on building their online brand and driving traffic to their sites. The IAB reports that in the US, Internet advertising generated US $1.92 billion in 1998, more than double the 1997 total of US $906 million. Extrapolating from these statistics it becomes clear that the Internet auto industry should reach a volume of approximately $200 billion by the end of the year 2002. | ||||||||||||||
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