AutoTradeCenter.com Inc. Acquires Minority Interest of Technology Subsidiary
7 April 2000
AutoTradeCenter.com Inc. Acquires Minority Interest of Technology Subsidiary
SCOTTSDALE, Ariz.--April 7, 2000--AutoTradeCenter.com Inc. (OTCBB:AUTC) announced Thursday that the Company has purchased the 45% minority ownership interest of its technology-based subsidiary BusinessTradecenter.com Inc. ("BTC") by issuing 5,000,000 restricted shares of its common stock.In addition, the Company purchased an outstanding promissory note made by BTC which is convertible into shares of BTC common stock. As a result of these purchases, the Company now owns 100% of BTC.
All of the Company's current technology, as well as rights to future technology developed or purchased, is owned or controlled through BTC. The acquisition of the minority interest and note conversion rights allows the Company to receive the benefit of 100% of all future revenue streams in addition to the future technology.
Company President Roger L. Butterwick stated, "This acquisition will enable us to plan our technology development and explore new opportunities without concern for any issues related to minority rights. In addition, the benefit of receiving all future revenues will significantly increase our ability to present a cohesive and comprehensive understanding of our business model to the investment community."
AutoTradeCenter.com is the leading Internet-based "business-to-business" automotive wholesale and re-marketing company. On its web site, www.autotradecenter.com, the company markets its service to its national dealer base, to automotive lease and rental companies, and to banks and financial institutions across the U.S. who can use the site's many features for more efficient buying, selling and trading.
The Company also owns the Web site www.tradeincarsonline.com through its subsidiary BusinessTradeCenter.com Inc. TradeinCarsOnline is the first Web site to allow a consumer purchasing a new vehicle online to receive a firm purchase bid on his trade-in vehicle.
For more information on AutoTradeCenter.com Inc., please visit www.autotradecenter.com.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E 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.
