Auto Network Announces Record Sales for October
30 November 1998
Auto Network Announces Record Sales for OctoberSCOTTSDALE, Ariz., Nov. 30 -- Auto Network USA (OTC Bulletin Board: ANWK) announced today financial results for the seven months ending October 31. Based upon unaudited numbers, the Company has achieved sales of $53.6 Million in revenues in the seven months ending October 31. For the month of October, Auto Network achieved record sales of approximately $9.9 Million. "We are pleased to report our positive financial results for the past seven months," said Mark Moldenhauer, CFO. "The Company is profitable and has been since its inception last year. We expect continued growth in sales and earnings during the remainder of our fiscal year ending March 31, 1999." Auto Network USA 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. Auto Network'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 Auto Network to take advantage of geographical disparities in the value of cars. For more information on Auto Network USA, please visit http://www.anwk.com. Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27 A of the Securities Act of 1933, Section 21 E 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 may differ materially from expected results.