Autoworks International Limited (FWB:A6Q) today
announced that it has signed a letter of intent to acquire 100% of the
business combinations, assets, and revenues of Willowdale Automotive
Centre (WAC). " Willowdale Automotive Centre is the first in a series
of contemplated automotive mergers consistent with our growth by
acquisition strategy developed as part of our business model, as
opportunities, time and available capital will permit", stated Brad
Brock President. "The acquisition of the business combinations, assets
and revenues are synergistic with our current businesses and will
strengthen our financial position substantially. Post merger,
aggregate revenues are anticipated to be in excess of CDN$4.5 million
annually with earnings expected to approach 15% to 20% of revenues."
WAC is a full service automobile body parts, inventory and storage facility with annual revenues averaging approximately CDN$2.3 million and assets valued at approximately CDN$500,000. The acquisition is subject to the standard due diligence and review period necessary for a transaction of this nature and magnitude; terms of the letter of intent were not disclosed.
Management expects that in addition to increasing its revenue and asset base this acquisition will assist its wholly owned subsidiary Parts Direct in the development and implementation of its current and future software products and services through its Internet automobile parts purchasing platform www.ipartsdirect.com. Also, management of Parts Direct is continuing its discussions with insurance companies regarding the implementation of a test pilot program for its "Part Scan" software and related services.
Autoworks International Limited is an international software design, development and services provider focused primarily on generating internet based proprietary application software solutions for industries that may benefit from enhanced business to business communications, systems integration and coordination between their industry stakeholders. The software and services offerings may generate operating efficiencies and improved profitability to various industry participants. -0- Contact: Capital Communication investors@capital-communication.de www.capital-communication.de
Cautionary statement for purposes of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995: Any statements in this report that refer to the forecasted, estimated or anticipated future results of Autoworks International Limited ("Autoworks " or the "Company") are forward-looking and reflect the Company's current analysis of existing trends and information. Actual results may differ from current expectations based on a number of factors affecting Autoworks businesses, including competitive conditions and changing market situations. Matters affecting the economy generally, including the state of economies worldwide, can affect Autoworks results. Forward-looking statements represent the Company's judgment only as of the date of this report. Since actual results could differ materially, the reader is cautioned not to rely on these forward-looking statements. Moreover, Autoworks disclaims any intent or obligation to update these forward-looking statements.
WAC is a full service automobile body parts, inventory and storage facility with annual revenues averaging approximately CDN$2.3 million and assets valued at approximately CDN$500,000. The acquisition is subject to the standard due diligence and review period necessary for a transaction of this nature and magnitude; terms of the letter of intent were not disclosed.
Management expects that in addition to increasing its revenue and asset base this acquisition will assist its wholly owned subsidiary Parts Direct in the development and implementation of its current and future software products and services through its Internet automobile parts purchasing platform www.ipartsdirect.com. Also, management of Parts Direct is continuing its discussions with insurance companies regarding the implementation of a test pilot program for its "Part Scan" software and related services.
Autoworks International Limited is an international software design, development and services provider focused primarily on generating internet based proprietary application software solutions for industries that may benefit from enhanced business to business communications, systems integration and coordination between their industry stakeholders. The software and services offerings may generate operating efficiencies and improved profitability to various industry participants. -0- Contact: Capital Communication investors@capital-communication.de www.capital-communication.de
Cautionary statement for purposes of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995: Any statements in this report that refer to the forecasted, estimated or anticipated future results of Autoworks International Limited ("Autoworks " or the "Company") are forward-looking and reflect the Company's current analysis of existing trends and information. Actual results may differ from current expectations based on a number of factors affecting Autoworks businesses, including competitive conditions and changing market situations. Matters affecting the economy generally, including the state of economies worldwide, can affect Autoworks results. Forward-looking statements represent the Company's judgment only as of the date of this report. Since actual results could differ materially, the reader is cautioned not to rely on these forward-looking statements. Moreover, Autoworks disclaims any intent or obligation to update these forward-looking statements.