NEW YORK and TUNBRIDGE WELLS, U.K., Oct. 13, 2005 (PRIMEZONE) -- Auto Data Network (Pink Sheets:ADNW), a provider of software and real-time data services to the worldwide automotive industry, today announced the appointment of Ian Warwick as Interim Chief Executive Officer.
Mr. Warwick has been appointed to finalize the company's previously announced plans to spin off its Aftersoft and Auto Dealer Management divisions, which are both expected to occur by the end of 2005. Mr. Warwick commented, "I have a clearly defined task to make sure that the two listings are completed in a timely fashion. In addition, I will be looking to secure maximum shareholder value for the remaining business."
Mr. Warwick began his career with the Royal Navy, serving in the Middle East Iran-Iraq War. Upon leaving the Royal Navy, Mr. Warwick worked as a management consultant in the engineering industry, working with companies such as Arco, Texaco, Shell, and British Petroleum. In 1990 Mr. Warwick became Senior Sales Director for British Print Company plc. After developing new markets for British Printing Company, Mr. Warwick formed his own company, developing digital technology related to the print and publishing industries. Mr. Warwick has now spent the last 10 years building and developing public and private technology companies. He currently sits on the boards or advisory boards of several technology companies.
About Auto Data Network
Auto Data Network is a group of established companies which provide software products and services to the automotive industry. The company's main customer base is the auto dealership marketplace. This marketplace consists of approximately 78,000 dealers in North America and 92,000 dealers in Europe. The company estimates that this represents a $15 billion market for software and services specifically for auto dealerships. The company supplies a suite of software solutions and services that enable dealerships to run their businesses more efficiently whilst achieving considerable cost savings. The majority of the company's current solutions is focused on serving the aftermarket and finance areas of dealerships. These areas are of particular importance as the aftermarket business is responsible for 48 percent of a dealership's profit from 12 percent of their overall revenue. The second most profitable area is vehicle finance and insurance; this area contributes 35 percent of profits from 2 percent of revenues.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the company's business including increased competition; the ability of the company to expand its operations through either acquisitions or internal growth, to attract and retain qualified professionals, and to expand commercial relationships; technological obsolescence; general economic conditions; and other risks detailed time to time in the company's filings with the Securities and Exchange Commission (SEC).