Deep Field Technologies (CE) (USOTC:DPFD)
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AutoMart (Beijing Sino-US Jinche Yingang Auto Technological Services
Ltd.) – the largest independent auto
aftermarket company in Beijing – said today
that it has completed a merger with Deep Field Technologies, Inc., of
Matawan, N.J. and is trading on the OTC Bulletin Board under Deep Field’s
symbol, DPFD.
The parties finalized and completed an Amended and Restated Securities
Exchange Agreement announced last month for AutoMart, a China-based
joint venture formed between Beijing Silver Harbor Car Service Center
and Mayflower Auto Group, LLC, to be acquired by Deep Field through a
reverse merger.
AutoMart (www.AutoMart-China.com),
said its Chairman and CEO Pang Guisan, is the first auto service joint
venture created since China entered the World Trade Organization.
AutoMart provides a wide range of automobile after-sales services,
including maintenance and repairs, insurance, parts, interior
furnishings, care products, tires, and windshields.
“Everyone at the now-combined company looks
forward to an exciting and rewarding future focusing on the vast
opportunities in the auto aftermarket in China,”
he said.
“Today,” he said, “the
potentially vast automotive repair and maintenance industry in Beijing
and throughout China is in its infancy -- highly fragmented with many
small, local shops. AutoMart is changing the business model through our
chain of automotive repair and maintenance facilities. In Beijing alone,
AutoMart operates the largest auto aftermarket business, with more than
450 employees.”
Mr. Pang, formerly a high-ranking government leader, left government for
the auto aftermarket business five years ago. His expertise in the auto
industry includes serving as deputy chairman of both the China Vehicle
Association and the Vehicle Service Association of China.
About AutoMart China
AutoMart China (OTC BB: DPFD, www.automart-china.com)
is a full-service automotive repair and maintenance company operating
throughout Beijing, with more than 450 employees. The 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.