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Each of the two new corporations recently completed a year-end 1999 placement of stock with a single private investor who purchased a 27-percent interest in the two corporations for $1 million each. Auto-Graphics, as the parent company, has named Corey M. Patick as the CEO of the two new subsidiary corporations.
Patick has a 6-percent stock ownership interest in each of the two new companies, which will initially operate out of the Auto-Graphics offices in Pomona, California. In the future, Auto-Graphics plans to be able to organize and arrange for funding additional “incubator”-type companies.
LibraryCard.com is a planned Internet portal site that will make library bibliographic and other reference-type information and services available to the public. Plans for LibraryCard.com include e-commerce capability offering information-related products and services consistent with the site’s library orientation. The site will endeavor to help educate the general public about the book lending and other services available from their local libraries, and help them take advantage of such resources. The site will offer users the same “online resource center” finding service that Auto-Graphics currently makes available to the approximately 7,000 libraries using the Auto-Graphics Impact Online public-access Internet service.
According to the announcement, Dataquad, Inc. is developing a substantially upgraded version of Auto-Graphics’ existing CMS “editor” product. The planned new product, to be marketed under the Dataquad trade name, will provide users with a single software system that allows them to convert, create, edit, and manage data on a dynamic basis using XML and SGML as its technology backbone. The customer can then distribute and publish such enterprisewide database information in simultaneous multimedia formats in an e-commerce environment using his or her own computer system or on an outsourced host basis using Dataquad.
Neither LibraryCard, Inc. nor Dataquad, Inc. is expected to have significant impact on Auto-Graphics’ revenues in the current year. Expenses attributable to the continued development and introduction of the companies’ offerings, estimated to total approximately $2 million, will have an adverse impact on Auto-Graphics’ reported results of operations in at least the current year.
Source: Auto-Graphics, Inc., Pomona, CA, 800/776-6939; http://www.auto-graphics.com.
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