Auto Network Group, Inc. Announces Expansion Into Oregon
2 February 1999
Auto Network Group, Inc. Announces Expansion Into Oregon
SCOTTSDALE, Ariz., Feb. 2 -- Auto Network Group, Inc.
(OTC Bulletin Board: ANWK) announced today that in the continuation of the
Company's strategic growth plan, it has signed a letter of intent with
Deschutes Auto Wholesale out of Bend, Oregon.
Bend, Oregon will be Auto Network's newest location, adding to the home
office in Scottsdale, Arizona and the Company's six other locations in the
United States and Canada. The addition is expected to sell approximately
1000 cars per year which will generate approximately 12 million in gross
revenues. The Company is anticipating a May 1, 1999 opening.
Mark Moldenhauer, Auto Network's CFO stated, "We are very pleased to add
another quality operation to Auto Network Group. Jim Bruce of Deschutes Auto
Wholesale represents the type of exemplary personnel we wish to bring to our
organization."
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, AutoTradeCenter.com, represents a
significant addition to the "business-to-business" service application of the
Internet and will complement its wholesale automobile business. The web site
is a revolutionary online service that allows automobile dealers to view
available inventory for efficient dealer-to-dealer buying, selling and
trading. The database of automobile inventory is for wholesaling only,
limiting access over a secured connection to registered dealers. Posting to
the database is currently a free service for dealers. In addition, the site
provides large dealership groups an Intranet service, allowing access to
internal inventory.
For more information on Auto Network Group, please visit http://www.anwk.com or
for registration visit http://www.AutoTradeCenter.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