Deep Field Technologies (CE) (USOTC:DPFD)
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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:
-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.