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Auto Network USA Announces the Completion of Audited Financials

15 September 1998

Auto Network USA Announces the Completion of Audited Financials; Updates Earnings Projections


    SCOTTSDALE, Ariz.--Sept. 15, 1998--Auto Network USA, Inc. (AUTONET) (OTC BB:ANWK) announced today the completion of their audited financial statements for the period from inception (July 10, 1997) to March 31, 1998.
    In addition the company updated their future earnings projections.
    Total assets for the company are currently $3,961,845 with net sales of $30,280,247 for the audited period.
    Based upon completion of the audit, the company projects revenues of approximately $141,400,000 for the fiscal year ended March 31, 1999, approximately $377,750,000 for the fiscal year ended March 31, 2000, and approximately $624,050,000 for the fiscal year ended March 31, 2001.
    Mike Stuart, president and CEO, said, "The management of AUTONET has been diligently working with its auditors to maximize shareholders' interests and to provide the most concise report possible. Our earnings update reflects the company's rise in sales and profitability and we are very pleased with the progress we have made since our first six months of operations."
    A complete copy of the auditors' opinion letter and audited financial statements will be available on Auto Networks' web site at www.auto-network-usa.com by Sept. 21, 1998.
    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 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.