Deep Field Technologies Announces Chinese Government Approval of Share Exchange with AutoMart;
Company Completes Critical Step Toward Closing Transaction
MATAWAN, N.J.--(BUSINESS WIRE)--March 1, 2006--
Deep Field Technologies, Inc. (OTC Bulletin Board: DPFD) announced today that it has received the required approvals from the government of the People's Republic of China necessary for Deep Field to close on its previously announced share exchange with Beijing Sino-US Jinche Yingang Auto Technological Services Ltd. ("AutoMart"), the premier automobile after service company in Beijing,China.
Mr. Pang Guisan, Chairman and President of AutoMart, stated, "We are pleased that we have been able to obtain these critical approvals so quickly. We are now working very diligently towards closing on the transaction with Deep Field."
Jerry Mahoney, Chairman of Deep Field Technologies, further explained, "Mr. Pang has been very successful in navigating this transaction through the approval process. He and his team are now hard at work finalizing the preparation of his audited statements, which we expect to be completed very shortly. We look forward to a long and successful relationship with Mr. Pang and all the fine people at AutoMart."
Mark Meller, CEO of Deep Field, commented, "We have received a term sheet for the financing for the transaction, and we are currently working to finalize the terms and conditions. We are excited about helping AutoMart become the dominant auto care company in Beijing, and in all of China."
The closing on the definitive securities exchange agreement is subject to: (i) approval by shareholders of Deep Field Technologies, (ii) financing in the form of a convertible debenture for not less than $4 million and (iii) the requisite approvals by the People's Republic of China. It is anticipated that this transaction will close in the second quarter 2006. The Company will continue to trade on the OTC Bulletin Board.
About Deep Field Technologies
Deep Field Technologies is involved in the acquisition and build-out of technology and software companies, and presently sells unified messaging systems, which store all messages in one location for access, typically a groupware database with one single list of users for e-mail, voice, telephones and computers. For more information, contact Deep Field Technologies:
Jerry Mahoney
Non-executive Chairman of the Board
(732) 441-7700
jerrym@deepfieldtechnology.com
Mark Meller
President and Chief Executive Officer
(732) 441-7700
markm@deepfieldtechnology.com
Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various
"forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forwardlooking statements are typically identified by the use of terms such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
Source: Deep Field Technologies, Inc.
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