Preference Technologies Announces Acquisition Agreement With USAutoNews.com

    LAS VEGAS--Jan. 30, 2001--Preference Technologies(TM) Inc. (OTCBB:PFER), announced today it has entered into an agreement to acquire USAutoNews.com, a B2B portal for the automotive dealer.
    The Boards of both companies are working to achieve a definitive agreement, anticipated to be completed within the next several weeks.
    Both companies are experiencing positive internal sales momentum associated with the announcement, as significant synergies exist between the product offerings. The combined monthly revenue run rate in conjunction with cost synergies and overall cost restructuring is anticipated to lead to profitable operations in the second half of 2001.

    Significant Synergies Identified

    USAutoNews.com is a business-to-business portal focused on helping automotive dealers and trade increase revenue, cut costs and improve customer satisfaction using the Internet. The automotive sector is one of the key verticals targeted by Preference Technologies for its Global Information Gateway(TM) (GIG(TM)) product. USAutoNews.com has already commenced planning to integrate the Global Information Gateway(TM) into its offering to automotive dealers.

    About USAutoNews.com

    USAutoNews.com, a Newport Beach, Calif. based company, is the Internet's first and largest dealer centric automotive portal and exchange. With over 23,000 automotive Web sites and the collection of related news from over 60 news sources, USAutoNews is focused to assist dealers in their use of the Internet to sell more cars, parts, service and warranties and to lower their operating costs. The recent signing of an Internet and Distribution agreement with ADP renders USAutoNews uniquely qualified to provide enhanced ability to automotive dealers to generate more Internet traffic to their Web sites and thus enhance their e-commerce advantages.

    About Preference Technologies

    Preference Technologies Inc. is a Las Vegas-based Internet technologies company producing the Global Information Gateway(TM) (GIG(TM)). The GIG delivers highly customizable, aggregated real-time news and information to users and acts as a gateway for companies to market their services and products and directly communicate with customers. Described as one of the most efficient effective real-time, customizable information software products available, the GIG can be utilized by businesses to significantly improve their direct communication with customers on a frequent basis.

    Statements about the company's future expectations, including future revenues and earnings, and all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at anytime, the company's actual results could differ materially from expected results.

    Preference Technologies, QuoteStream, the Global Information Gateway, GIG and the Preference Technologies logo are trademarks of Preference Technologies Inc. Other companies' products may be trademarked by their respective company and therefore are protected by law.