Deep Field Technologies (CE) (USOTC:DPFD)
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Headline of release dated Jan. 19, 2006 should read:
Deep Field Technologies Enters into Securities Exchange Agreement With
Chinese Auto Service Company (sted Deep Field Technologies to Merge
with Chinese Auto Service Company). Please replace the release with
the following corrected version due to multiple revisions.
The corrected release reads:
DEEP FIELD TECHNOLOGIES ENTERS INTO SECURITIES EXCHANGE AGREEMENT
WITH CHINESE AUTO SERVICE COMPANY
Sino-US AutoMart is Largest Auto Repair Joint Venture in Beijing
Deep Field Technologies, Inc. (OTC Bulletin Board: DPFD) announced
today that it has entered into a definitive securities exchange
agreement with Beijing Sino-US Jinche Yingang Auto Technological
Services Ltd. ("AutoMart"), the premier automobile after service
company in Beijing, China. AutoMart is a China based joint venture
recently formed between Beijing Silver Harbor Car Service Center and
Mayflower Auto Group, LLC. The closing is subject to the approval by
shareholders of Deep Field Technologies, financing in the form of a
convertible debenture for not less than $4 million, and the requisite
approvals by the People's Republic of China. It is anticipated that
this transaction will close in the first quarter 2006. The Company
will continue to trade on the OTC Bulletin Board.
AutoMart was established in August 2005 and invested by Chinese
Party and American Party. AutoMart is the first auto service joint
venture created since China entered the World Trade Organization.
AutoMart focuses on automobile after-sales services, including
maintenance and repairs, insurance, parts sales, interior furnishings,
care products, tires, and windshields.
Based on statistics issued by the municipal government of Beijing,
there are currently about 2.3 million vehicles in the city of Beijing.
The anticipated rapid increase of privately-owned vehicles, coupled
with Beijing's preparation for the 2008 Olympics, has dramatically
increased the demand for quality automobile maintenance services.
Mr. Pang Guisan, Chairman and President of AutoMart, stated, "We
currently have 30 auto centers in Beijing, six of which are large
centers. We expect to have 60 in Beijing by the first quarter of 2006.
We are planning to set up more than 3,000 chain and franchise stores
in major cities throughout China over the next five years. We
anticipate that AutoMart will have sales in excess of $1.2 billion by
2011."
Previously, Mr. Pang served as a top government leader, overseeing
thousands of state-owned companies. Mr. Pang was part of one of the
first groups of government officials who left government for the
private sector in 1980. Since then, Mr. Pang has successively served
as a high ranking official at major corporations and served as the
Deputy Chairman of the China Vehicle Association, and the Deputy
Chairman of the Vehicle Service Association of China.
Jerry Mahoney, Chairman of Deep Field Technologies, further
explained, "We are currently negotiating the financing required to
enable Mr. Pang to aggressively expand AutoMart, and to make it the
absolute dominant auto care company in all of China."
Mark Meller, CEO of Deep Field, stated, "Under the terms of the
transaction, Auto Mart shareholders will hold 85% of the Company, with
the present shareholders of Deep Field Technologies retaining 15% of
the Company. China has approximately 80 million automobiles, and is
growing rapidly. We believe the opportunity to partner with a company
and management team as prestigious as AutoMart and Mr. Pang represents
an enormous opportunity for our shareholders."
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:
-0-
*T
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
*T
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. Forward-looking 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.