Autodaq and AutoTradeCenter Sign Merger Agreement
Autodaq Corp. and AutoTradeCenter.com Inc. announced July 1 the signing of a definitive agreement to merge their Internet remarketing operations. According to the companies, the combined entity offers the automotive remarketing industry a comprehensive set of remarketing services for manufacturers, leasing, rental, and fleet companies, as well as wholesalers and automobile retailers.
The new AutoTradeCenter Inc. will continue trading on the Over-the-Counter Bulletin Board under the current symbol AUTC. Three members of AutoTradeCenter.com's current board of directors will join the new entity's board of directors following the closing of the merger. The senior management of both entities will remain with the combined entity. Adam Boyden, president and chief executive officer of Autodaq, will be the chief executive officer of the new entity, and Roger Butterwick, president of AutoTradeCenter.com, will be the chief financial officer. The merged entity will retain its administrative offices and technology group in Menlo Park, the Internet dealer services operation center in Mesa and Coconut Creek, FL, and the remarketing management, lease maturity management and sales and leadership-training center in Minneapolis.
Under the terms of the agreement, AutoTradeCenter.com shareholders will receive shares of common stock and preferred stock in a newly-formed Delaware company, AutoTradeCenter. Autodaq shareholders will receive shares of common stock and various classes of preferred stock in AutoTradeCenter Inc.