Auto Data Network Announces Closure of Reverse Acquisition of W3 Group by Aftersoft

Auto Data Network, announced the closure of the reverse acquisition of W3 by wholly owned subsidiary Aftersoft Group, Inc. As previously announced, Auto Data Network plans to distribute the 32.5 million shares in Aftersoft Group, Inc. that it owns to its shareholders subject to receiving shareholder approval. Aftersoft Group is a supplier of business management solutions to the automotive aftermarket sector.

Primezone Media Network

NEW YORK and TUNBRIDGE WELLS, U.K. — Auto Data Network, announced the closure of the reverse acquisition of W3 by wholly owned subsidiary Aftersoft Group, Inc. As previously announced, Auto Data Network plans to distribute the 32.5 million shares in Aftersoft Group, Inc. that it owns to its shareholders subject to receiving shareholder approval. Aftersoft Group is a supplier of business management solutions to the automotive aftermarket sector.

“We have been successful and profitable in this space to date, and for the fiscal year ending June 30, we earned 9 cents a share on revenue of $22 million (10 cents and $23.5 million on a pro-forma basis). We now plan further expansion by strategic acquisitions and organic growth, which we expect to grow in excess of 20 percent per annum,” said Aftersoft CEO Ian Warwick.

The following new officers and directors have been appointed to the board and will manage the company going forward:

Warwick is being appointed as CEO, Mike Jamieson is being appointed as COO and Michael O’Driscoll is being appointed as director and CFO.

“Making Aftersoft an independent, publicly traded company is an important milestone in the strategic plan for creating value at Auto Data Network. With a focused business strategy, strong market position and a management team with deep domain expertise, we believe Aftersoft is ideally positioned for significant growth as its market expands,” said Warwick.

The company’s name is in the process of being changed from W3 Group, Inc. to Aftersoft Group, Inc., and a new ticker symbol has been requested. The company will issue a press release and disclose this publicly when it occurs, along with regulatory SEC filing with audited financials, which will be filed within four days of closing under the 8K rules.

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