Advanced Definition Systems Announces Completion of Acquisition

2 June 1999

Advanced Definition Systems Announces Completion of Acquisition

    LOS ANGELES--(AutomotiveWire)--June 2, 1999--Advanced Definition Systems Inc. ("ADS") is pleased to announce the completion of the acquisition, which it announced on April 27th, 1999. The agreement between ADS and C Corp. Automotive Design Inc. ("CCAD") of Calgary, Alberta Canada under the terms, ADS would acquire all the issued and outstanding shares of CCAD. CCAD is in the business of designing, engineering and fabricating specialty vehicles such as concept and retro automobiles. To date CCAD has signed a multiyear $45 million dollar contract with W5 distributors limited, whose affiliate company, a 48 year old united kingdom based automobile assembly company, will final assemble and distribute 2000 of CCAD's vehicles over a ten year period.
    Advanced Definition Systems Inc. (ADEF) NASD-Bulletin Board. Announces it has completed the terms of the acquisition with CCAD, of Calgary Alberta Canada. The principal terms of the agreement merge both entities and CCAD assumes control of the management of ADS. Additional equity capital was raised at the time the agreement was entered into in order to fund CCAD's growth plans and to hasten its ability to deliver on pre-existing automobile contracts to both Japan and the U.K.
    Robert E. Seidenglanz, Chairman and CEO of ADS stated, "We support the opportunity this acquisition provides for all of the shareholders of both entities, as I turn control over to Mr. Blaine Kennedy who assumes the responsibilities of CEO, with CCAD's present management team in place. Mr. Kennedy states "This acquisition put into place a key component to allow the company to build our vehicles now under contract and deliver them to our global customers. Mr. Terry Fields of ADS remains with the resulting entity, and Mr. Thomas Vukovich of Toronto, Ontario Canada, assumes a seat on the Board of Directors.
    The Company has 13,000,000 shares issued and outstanding as of June 1st, 1999.
    Further information will be provided in our next press release or you may contact the company.

    Advanced Definition Systems Inc. (ADEF) NASD Bulletin Board