Deep Field Technologies to Merge with Chinese Auto Service Company; Sino-US AutoMart is Largest Auto Repair Joint Venture in Bei
January 19 2006 - 6:06AM
Business Wire
Deep Field Technologies, Inc. (OTCBB:DPFD) announced today that it
has entered into a definitive agreement to merge 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 completion
of certain financing commitments for the post-merger Company and
the approval of the government of China. It is anticipated that
this transaction will close in the first quarter 2006. The merged
company will continue to trade on the OTC Bulletin. 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 merged company, with the present shareholders of Deep Field
Technologies retaining 15% of the merged 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
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