NEW YORK, Jan. 16 /PRNewswire-FirstCall/ -- Aftersoft Group, Inc. (OTC Bulletin Board: ASFG), a major supplier of Business and ERP supply chain management solutions to automotive parts and tire, distributors, jobbers, retailers, and installers announced today that it has retired 13,730,413 shares of its common stock representing approximately 14.8% of the previously issued stock.
Aftersoft Group, Inc. retired the shares effective as of December 31, 2008, the end of its second fiscal quarter. It had received the shares in connection with the previously disclosed spin-off of Aftersoft from Auto Data Network, Inc. (ADNW). Aftersoft had received an aggregate 13,965,295 shares in connection with the spin-off as a result of its ownership of ADNW securities.
Commented Ian Warwick, CEO of Aftersoft: "This action reduces the total issued and outstanding common shares by a significant 13,730,413 shares. The impact of these shares being retired will become more evident as our expanding presence in the US markets begins to take hold." Added Warwick: "Our focus in 2009 will be to match our products and services to the demands of our market space in order to stay in line with our aggressive business plan."
About Aftersoft Group, Inc.
Aftersoft Group, Inc. (BULLETIN BOARD: ASFG.OB) is a supplier of ERP supply chain management solutions to automotive parts manufacturers, distributors and retailers. Aftersoft Group provides the automotive aftermarket with a combination of business management systems, information products, and online services that together deliver benefits for all parties involved in the timely repair of a vehicle. For further information, please visit http://www.aftersoftgroup.com/
This press release contains forward-looking statements. 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 filings with the Securities and Exchange Commission (SEC).
