AutoTradeCenter.com Engages Investment Banker, National Capital Merchant Group
18 March 1999
AutoTradeCenter.com Engages Investment Banker, National Capital Merchant Group
SCOTTSDALE, Ariz.--March 18, 1999-- AutoTradeCenter.com (OTC BB:ANWK) announced today that the company has signed a Financial Consulting Services Agreement with National Capital Merchant Group, Ltd. based in Irvine, Calif.Vice-President and CFO Mark Moldenhauer stated, "Due to the rapid success of the Company through our whole sale network and Internet business, we reviewed several options and ways to maximize shareholder value. We welcome the addition of National Capital Merchant Group to the AutoTradeCenter.com team and look forward to exploring the market opportunities before us."
AutoTradeCenter.com's Internet service represents a significant addition to the "business-to-business" service application of the Internet and complements its wholesale automobile business. The web site is a revolutionary online service that allows automobile dealers to view available inventory for more efficient dealer-to-dealer buying, selling and trading.
The database of automobile inventory will be 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 through controlled security access.
AutoTradeCenter.com 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.
AutoTradeCenter.com'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 AutoTradeCenter.com to take advantage of geographical disparities in the value of cars.
The company's board of directors recently approved a name change from Auto Network Group, Inc. to better reflect its Internet business. For more information on AutoTradeCenter.com, please visit www.AutoTradeCenter.com or 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.