NEW YORK & TUNBRIDGE WELLS, U.K — Auto Data Network announced the signing of an acquisition agreement between Aftersoft Group Inc., a wholly owned subsidiary of Auto Data Network Inc. focused on the automobile after-market software business, and W3 Group Inc, a company publicly traded on the OTC Bulletin Board.
In line with the company’s previously announced strategy of separating its aftermarket business from its dealership management business and obtain individual public listing for each business unit, it has agreed to acquire W3 Group Inc. in which the company intends to contribute all the assets of Aftersoft in return for 32,500,000 shares and complete the spin-off in the form of a tax-free stock dividend to shareholders of record .65 to 1 exchange (65 shares of Aftersoft for every 100 shares of ADNW), which is to be effective following Auto Data Network shareholder and Board of Directors’ approval. Upon closing of the acquisition agreement, W3 Group Inc will change its name to Aftersoft Group Inc. and Aftersoft Group’s management will replace the officers of W3 Group Inc on the board of directors.
Aftersoft is a leading supplier of ERP Supply Chain management solutions to parts manufacturers, distributors and retailers. Aftersoft’s operations consists of Car Parts Technologies Inc., based in San Juan Capistrano, CA, and MAM Software Limited, based in Sheffield, UK.
These businesses service the automotive parts aftermarket, which consists of the manufacture, distribution, sale and installation of new and used parts used in the maintenance and repair of automobiles. It is estimated that the automotive parts aftermarket currently generates revenues in excess of $120 billion, annually.
Auto Data Network is a group of established companies which provide software products and services to the automotive industry. The majority of the company’s current solutions are 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 dealerships profit from 12 percent of their overall revenue.
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