Auto Data Network Completes the Acquisition of E-COM Multi Limited
TUNBRIDGE WELLS, United Kingdom--March 19, 2002--Auto Data Network Inc. (OTCBB:ADNW) today announced the completion of the acquisition of E-COM Multi Limited for an undisclosed amount in cash and stock.Originally established as Autosell in 1997, Warwickshire-based E-COM Multi Limited collects information from some 4,500 franchised automotive dealers as well as a large number of finance houses and manufacturers. The Company's current customers include: HSBC, GM Interleasing, SAAB, Volkswagen, Fiat, Deloitte & Touche, Honda GB, Godfrey Davis, Nissan, Mitsubishi and Lombard.
Auto Data Network's CEO Chris Glover commented, "E-Com Multi will be integrated into Orbit Auto Data and its strategic industry relationships will considerably enhance our product offering."
Auto Data Network comprises a group of established, automotive companies providing real time data and transactional services to manufacturers, retailers and consumers thereby enabling industry-wide revenue generation, communication and information collection. 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. For more information please see the Company's website at www.autodatanetwork.com
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).