Deep Field Technologies Announces Chinese Government Approval of Share Exchange with AutoMart
MATAWAN, N.J.--March 1, 2006--Deep Field Technologies, Inc. (OTC Bulletin Board: DPFD) announced today that it has received the required approvals from the government of the People's Republic of China necessary for Deep Field to close on its previously announced share exchange with Beijing Sino-US Jinche Yingang Auto Technological Services Ltd. ("AutoMart"), the premier automobile after service company in Beijing, China.Mr. Pang Guisan, Chairman and President of AutoMart, stated, "We are pleased that we have been able to obtain these critical approvals so quickly. We are now working very diligently towards closing on the transaction with Deep Field."
Jerry Mahoney, Chairman of Deep Field Technologies, further explained, "Mr. Pang has been very successful in navigating this transaction through the approval process. He and his team are now hard at work finalizing the preparation of his audited statements, which we expect to be completed very shortly. We look forward to a long and successful relationship with Mr. Pang and all the fine people at AutoMart."
Mark Meller, CEO of Deep Field, commented, "We have received a term sheet for the financing for the transaction, and we are currently working to finalize the terms and conditions. We are excited about helping AutoMart become the dominant auto care company in Beijing, and in all of China."
The closing on the definitive securities exchange agreement is subject to: (i) approval by shareholders of Deep Field Technologies, (ii) financing in the form of a convertible debenture for not less than $4 million and (iii) the requisite approvals by the People's Republic of China. It is anticipated that this transaction will close in the second quarter 2006. The Company will continue to trade on the OTC Bulletin Board.
About Deep Field Technologies
Deep Field Technologies is involved in the acquisition and build-out of technology and software companies, and presently sells unified messaging systems, which store all messages in one location for access, typically a groupware database with one single list of users for e-mail, voice, telephones and computers. For more information, contact Deep Field Technologies