Deep Field Technologies Announces Sino-US AutoMart Establishes Program with Bank of China Branch; Credit/Membership Cards to Fue
January 24 2006 - 10:24AM
Business Wire
Deep Field Technologies, Inc. (OTC Bulletin Board: DPFD) announced
today that the company with which it has entered into a definitive
securities exchange agreement, Beijing Sino-US Jinche Yingang Auto
Technological Services Ltd. ("AutoMart"), the premier automobile
after service company in Beijing, China, has entered into a
Memorandum of Understanding ("MOU") with the Beijing branch of the
Bank of China. Under the MOU, AutoMart and the Bank of China will
jointly issue a bank united name card, which is a combination club
membership card/credit card. The card serves two purposes: it
allows holders to receive preferential treatment at AutoMart repair
centers, and it enables customers to actually utilize credit. Debit
cards are common in China, credit cards much less so. By making
credit cards available to its customers with the backing of Bank of
China, AutoMart provides a funding mechanism for the customers to
more regularly inspect and repair their cars. Lack of funds has
historically been the reason that most customers have resisted
repairing their cars as often as they need to. This project is a
major element in AutoMart's marketing strategy. The Beijing Branch
of the Bank of China has a customer base of about 1,400,000 people,
each of whom fits the demographic and target market for AutoMart's
services. These credit cards, issued by the Bank of China and
marketed to their customers, will feature AutoMart's name and logo.
Mr. Pang Guisan, Chairman and President of AutoMart, stated, "We
currently have 30 auto centers in Beijing, six of which are large
centers. We expect to have 60 in Beijing by the first quarter of
2006. As the largest auto center company in Beijing, we are
perfectly positioned to properly service the Bank of China's
customer base in Beijing." Jerry Mahoney, Chairman of Deep Field
Technologies, further explained, "This transaction is a perfect
example of why we are so excited about working with AutoMart. Mr.
Pang's reputation and relationships enable the company to operate
at the highest levels of business and government, and allow
AutoMart to enter into transactions that are typically available to
only the very largest companies. We look forward to additional
transactions being consummated in the coming months." Mark Meller,
CEO of Deep Field, commented, "Mr. Pang and his team have developed
an exciting new marketing approach in Beijing. The first class
facilities of AutoMart, combined with the credibility of Bank of
China, will enable the company to rapidly gain market share. We
look forward to AutoMart becoming the dominant auto care company in
Beijing, and in all of China." The closing on the definitive
securities agreement is subject to: (i) approval by shareholders of
Deep Field Technologies, (ii) financing in the form of a
convertible debenture for not less than $4 million and (iii) the
requisite approvals by the People's Republic of China. It is
anticipated that this transaction will close in the first quarter
2006. The Company will continue to trade on the OTC Bulletin Board.
About Deep Field Technologies Deep Field Technologies is involved
in the acquisition and build-out of technology and software
companies, and presently sells unified messaging systems, which
store all messages in one location for access, typically a
groupware database with one single list of users for e-mail, voice,
telephones and computers. Certain information included in this
press release, may contain forward-looking statements about our
current and expected performance trends, growth plans, business
goals and other matters. These statements may be contained in our
filings with the Securities and Exchange Commission, in our press
releases, in other written communications, and in oral statements
made by or with the approval of one of our authorized officers.
Information set forth in this press release contains various
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. The Private Securities Litigation Reform Act
of 1995 (the "Act") provides certain "safe harbor" provisions for
forward-looking statements. The reader is cautioned that such
forward-looking statements are based on information available at
the time and/or management's good faith belief with respect to
future events, and are subject to risks and uncertainties that
could cause actual performance or results to differ materially from
those expressed in the statements. Forward-looking statements speak
only as of the date the statement was made. We assume no obligation
to update forward-looking information to reflect actual results,
changes in assumptions or changes in other factors affecting
forward-looking information. Forward-looking statements are
typically identified by the use of terms such as "anticipate,"
"believe," "could," "estimate," "expect," "intend," "may," "might,"
"plan," "predict," "project," "should," "will," and similar words,
although some forward-looking statements are expressed differently.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct.
Deep Field Technologies (CE) (USOTC:DPFD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Deep Field Technologies (CE) (USOTC:DPFD)
Historical Stock Chart
From Oct 2023 to Oct 2024