Deep Field Technologies (CE) (USOTC:DPFD)
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AutoMart-China (www.AutoMart-China.com),
the largest independent auto aftermarket company in Beijing and a 95%
owned subsidiary of Deep Field Technologies, Inc. (OTC BB: DPFD), said
it has filed its Form 10-KSB for the year ended December 31, 2006,
showing results impacted by a change in accounting format.
Not included in revenues reported on the 10-KSB, or on AutoMart’s
FY 2006 balance sheet, were current receivables of $2.4 million due from
insurance companies for repairs authorized for its policy holders, which
were performed at AutoMart centers.
AutoMart Chairman and CEO Guisan Pang said the company’s
rapid growth – including expanding from three
to 12 centers in Beijing – generated
substantially more business for authorized insurance-covered repairs
than forecast and budgeted by the carriers. The growth in this segment
of AutoMart’s business over a short period of
time, along with inconsistencies in claim processing and extended
payment terms offered to the insurance companies for repair claims,
necessitated that the company recognize these revenues at the time and
to the extent the cash is collected in accordance with accounting
principles generally accepted (GAAP) in the U.S. As of December 31,
2006, approximately $3,376,000 worth of repair services had been
completed with repair prices yet to be fixed and determined.
“When AutoMart reports its operating results
for the first and second quarters of FY 2007, we expect to report the
cash collected portion of these repair prices without any related costs
as all the related repair costs have been incurred and included in the
statements of operations included in the Form 10-KSB,”
he said.
Much of AutoMart’s business involves serving
customers of insurance companies. AutoMart has established evaluation
and repair authorization centers in 11 of its 12 facilities, and signed
agreements to serve customers of nine insurance companies. As the
payment history becomes more established and repair prices become fixed
and determinable on the transaction dates, AutoMart plans to change its
accounting policies to recognize repair revenues for insurance claims
upon the completion of services,” Mr. Pang
said.
Without recognizing revenues not yet received, AutoMart reported a loss
of $3,295,729 for the year on cash-basis sales of $2,753,074.
About AutoMart China
AutoMart-China (Beijing Sino-US Jinche Yingang Auto Technological
Services Ltd., www.AutoMart-China.com)
is the largest independent auto aftermarket company in Beijing, and
recently entered a share exchange agreement to become 95% owned by Deep
Field Technologies, Inc. (OTC BB: DPFD). AutoMart is a full-service
automotive repair and maintenance company operating throughout Beijing.
With more than 450 employees, a typical AutoMart facility is
substantially larger than most other automotive repair facilities, with
its largest being nearly 100,000-square feet. Along with its focus on
repair and maintenance, AutoMart owns and operates automotive insurance
agencies co-located within each of its repair facilities.
This press release contains 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. With the exception of historical
information contained herein, the matters discussed in this press
release involve risk and uncertainties. Actual results could differ
materially from those expressed in any forward-looking statement.