Auto Network Group, Inc. Announces Continued Expansion Into Texas
13 January 1999
Auto Network Group, Inc. Announces Continued Expansion Into Texas
SCOTTSDALE, Ariz., Jan. 13 -- Auto Network Group, Inc.
(OTC Bulletin Board: ANWK) announced today that in the continuation of the
Company's strategic growth plan, it has received a letter of intent with a San
Antonio, Texas group.
San Antonio will be Auto Network's newest location, adding to the home
office in Scottsdale, Arizona and the Company's five other locations in the
United States and Canada. The addition is expected to sell approximately
2,000 cars per year and generate annual revenues of approximately
$30,000,000. The Company is anticipating a March 1 opening.
Mark Moldenhauer, Auto Network's CFO stated, "We are very pleased with our
initial expansion into the Texas market. The San Antonio operation is
complementary to our Scottsdale office, dealing in late model luxury used
cars."
Auto Network Group, Inc. 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.
The Company's Internet service represents a significant addition to the
"business-to -business" service application of the Internet and will
complement its wholesale automobile business. The web site will be a
revolutionary online service that will allow automobile dealers to view
available inventory and allow efficient dealer-to-dealer buying, selling and
trading in an auction format on the Internet. The database of automobile
inventory will be for wholesaling only, limiting access over a secured
connection to registered dealers. Posting to the database will be a free
service for dealers. In addition, the site will provide large dealership
groups an Intranet service, allowing access to internal inventory. The site is
expected to up and operational by February 1, 1999.
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.
Contact:
M&A West, Inc.(Investor Relations)
Gerry Richards, 650-588-2678
Info@mawest.com