Auto Data Network Announces Information Update On Spin-Off
NEW YORK and LONDON, Aug. 29, 2006 (PRIMEZONE) -- Auto Data Network, Inc. (Pink Sheets:ADNW) today announces an update on Spin-Off previously announced on 4th August, 2006.
As previously announced, on August 4th, 2006, Auto Data Network, Inc. declared a Spin-Off of all of the shares of common stock of Aftersoft Group, Inc. owned by Auto Data Network, Inc. (the "Shares"). The Spin-Off will include the shares of common stock of Aftersoft Group, Inc. which Auto Data Network, Inc. received in exchange for the shares of EXP Dealer Software Ltd. which was acquired by Aftersoft Group, Inc. This Spin-Off is subject to requisite receipt of all applicable approvals which management anticipates obtaining during September 2006.
It is anticipated that the rate at which the shares of Aftersoft shall be Spun-Off to each applicable shareholder of record of Auto Data Network, Inc. on August 25, 2006 will be one share of Aftersoft Group Inc. for every share of common stock of Auto Data Network, Inc. outstanding on a fully converted basis.
The Spin-Off is subject to receipt of all necessary approvals for the distribution. These approvals include both the approval of the holders Auto Data Network, Inc.'s Series A-1, A-2, B, B-2, D-1 and D-2 preferred stock, in each case as a separate class, and availability of an applicable exemption from registration for the Spin-Off or effectiveness of a registration statement covering the Spin-Off. Auto Data Network, Inc. anticipates payment of the Spin-Off shares to its shareholders promptly upon receipt of those necessary approvals.
About Auto Data Network, Inc.
Auto Data Network is a group of established companies that provide software products and services to the automotive industry. The company's main customer base is the auto dealership marketplace. This marketplace consists of approximately 78,000 dealers in North America and 92,000 dealers in Europe. The company estimates that this represents a $15 billion market for software and services specifically for auto dealerships.
About Aftersoft Group, Inc.
Aftersoft is a leading supplier of business management solutions serving small and medium-size businesses. Aftersoft Group, Inc. has operations in Sheffield (United Kingdom), Allentown (Pennsylvania), and San Juan Capistrano (California). Aftersoft is currently focused on serving the Auto Parts aftermarket, which is a $68 billion market opportunity in the U.S. alone, with approximately 20,000 potential clients. Aftersoft has recently developed its products so as to be able to serve the wholesale market, a $263 billion U.S. market opportunity with 31,000 potential clients, and the hardlines and lumber market, a $95 billion market opportunity with 29,000 potential clients.
CONTACT: Auto Data Network, Inc.
Ian Warwick
(212) 897-6848
info@autodatanetwork.com
Source: PrimeZone (August 29, 2006 - 10:47 AM EST)
News by QuoteMedia
www.quotemedia.com
DIVERSIFICATION IS RULE #1 -- YOU ALONE ARE RESPONSIBLE FOR YOUR INVESTMENT DECISIONS -- ALWAYS CONDUCT YOUR OWN DUE DILIGENCE -- NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE -- HOPE IS NOT AN INVESTMENT STRATEGY -- PATIENCE !!!
