Auto Network USA Announces Letter of Intent to Open Canadian Office
9 September 1998
Auto Network USA Announces Letter of Intent to Open Canadian Office
SCOTTSDALE, Ariz.-- Sept. 9, 1998--Auto Network USA (AUTONET)(OTC BB:ANWK), the fastest growing, publicly held wholesaler of used luxury automobiles in the U.S., announced today that it has signed a letter of intent to establish an office in Canada.
The Canadian office will be AUTONET's third location, adding to the home office in Scottsdale, Ariz. and their first expansion office in Albuquerque, N.M. Discussions continue with a number of other possible U.S. locations.
Mike Stuart, President and CEO, said, "Canada is an important element for our continued growth and represents a significant opportunity for both importation and exportation, depending on the particular products involved."
Auto Network USA (AUTONET) is the fastest growing, publicly-held wholesaler of used late model and luxury automobiles in the country. The company is capitalizing on the billion-dollar wholesale market by focusing operations in strategic segments of the country. AUTONET's strategy is to gain market share in key urban areas by acquiring and consolidating the independent automobile wholesaling companies.
This strategy will provide the company with access to a large and growing volume of high-quality late model and luxury automobiles. It will also allow AUTONET to take advantage of geographical disparities in the value of cars.
Financial Statements in this press release (if any) other than historical facts are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results.