Deep Field Technologies (CE) (USOTC:DPFD)
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Deep Field Technologies, Inc. (OTC Bulletin Board:DPFD) announced today
that it has executed a final and definitive Amended and Restated
Securities Exchange Agreement to acquire 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. For accounting
purposes, the transaction will be classified as a reverse merger with
AutoMart considered the acquirer.
The transaction will close within the next 45 days following the
satisfaction of certain legal requirements, including the mailing of a
notice to shareholders of Deep Field. The merged company will continue
to trade on the OTC Bulletin Board.
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.
Mr. Pang Guisan, Chairman and President of AutoMart, stated, “Automotive
repair and maintenance within Beijing is currently a highly fragmented
business, comprised of a large number of smaller local businesses.
AutoMart, through its chain of automotive repair and maintenance
facilities, operates the largest such chain in Beijing, employing a
staff of nearly 450 employees.”
Previously, Mr. Pang served as a top government leader, overseeing a
great number 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 pleased to have finally reached this point. We hope the company will
become the dominant auto care company in all of China.”
Mark Meller, CEO of Deep Field, stated, “It
took a long time to get to this point, but doing due diligence on a
company half a world away can sometimes be difficult and painstaking.
But due diligence is now finalized, and we now know we have as a partner
one of the finest companies in China, and a management team that is
committed to our success. We now have certified audited statements and
we now know there is a great opportunity for our company in China.
Everyone involved should be excited about this.”
About Deep Field Technologies
Following the completion of the contemplated share exchange, Deep Field’s
principal business will be conducted by its operating subsidiary,
AutoMart. AutoMart (Beijing Sino-US Jinche Yingang Auto Technological
Services Limited) is a full service automotive repair and maintenance
company operating throughout Beijing, China. For more information,
contact
Deep Field Technologies:
Jerry Mahoney Mark Meller
Non-executive Chairman of President and Chief Executive
the Board Officer
(732) 441-7700 (732) 441-7700
jerrym@deepfieldtechnology.com 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. 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.