Auto Data Network and AMAC Inc. in Reverse Merger/Acquisition
TUNBRIDGE WELLS, U.K.--Oct. 25, 2001--Auto Data Network Inc., a UK-based provider of a regional, national and European network for the automotive sector that enables industry-wide revenue generation, communication and information collection, today announced a reverse merger/acquisition with AMAC, Inc. (OTC:UMAC), a Maryland-based Delaware corporation.As a result of the reverse merger AMAC, Inc. shall change its name to Auto Data Network to reflect its implementation of the business plan of Auto Data Network Inc. The Company will now trade (OTC) under the symbol ADNW.
Chris Glover, Chairman and CEO of Auto Data Network, stated, "Increased competition and globalization are applying pressure on margins, posing fundamental questions on how the auto industry can improve profitability. Auto Data Network provides integrated, information-based services and current market knowledge creating a competitive advantage to all subscribing sector companies." Glover continued, "Now publicly traded, we should be able to complete a number of strategic acquisitions, expanding our offering and furthering our stated aim of becoming the leading electronic service platform and main provider of information for the automotive industry."
Auto Data Network comprises a group of established, automotive companies providing real time data and transactional services to manufacturers, retailers and consumers, Services are integrated onto a single transaction platform and data network. The platform propositions are integrated as a communications channel that allows all automotive sector participants to transact within a single environment, in which transactional data is added and modified on the network. This process creates a unique source of "Intelligent Information(TM)" that can be accessed by subscribing companies to analyze and react to changes in market conditions.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in the Company's filings with the Securities and Exchange Commission (SEC).