AutoMart-China Adds to its Core Insurance-Driven Repair Business with New Insurance Contracts and 4 More Insurance Evaluation Centers | Business Wire

BEIJING & FORT MYERS, Fla.–(BUSINESS WIRE)–AutoMart-China (http://ift.tt/1Ff7EN1),

the largest independent auto aftermarket company in Beijing and a 95%

owned subsidiary of Deep Field Technologies, Inc. (OTC BB: DPFD),

announced today that it has signed contracts with two more insurance

companies and added four new insurance evaluation centers co-located at

its facilities.

AutoMart said it signed contracts with Bohai Property Insurance Co.,

Ltd., and Tian’an Insurance Co., Ltd., the

eighth and ninth companies with whom it has agreements, to provide

damage evaluation and make coverage decisions at the its maintenance and

repair centers, where the repairs will be completed.

Bohai Property Insurance is a leading auto insurance company with 10%

market share, 200,000 customers, and annual premium revenue over 1

billion RMB, and expects to reach 1.5 billion RMB in revenue and 300,000

customers by the end of 2007. Tian’an

Insurance Co. currently serves some 150,000 customers and has revenues

of 800 million RMB, and anticipates doubling its business in 2007 to

approximately 2 billion RMB and 300,000 customers.

Auto-Mart Chairman and CEO Guisan Pang cited the new contracts and

evaluation centers as “central to our business

model. By working directly with insurance companies and co-locating

evaluation centers, we are in the best position to attract and conduct

business repairing cars via, which is our core business.”

Mr. Pang said “a very significant portion”

of AutoMart’s revenues come from insurance

companies whose policyholders receive services at AutoMart centers. He

said AutoMart currently has receivables of more than $3.5 million (U.S.)

from insurance companies. The rapid growth in this segment over a short

period, along with inconsistencies in claim processing and collection,

have necessitated that AutoMart account for revenues on a cash basis

rather than an accrued basis, which it historically employed, causing a

delay in the filing of its Form 10-KSB.

AutoMart-China Named a ‘Top 10 Auto Company’

AutoMart-China has been named one of the “Top

10 Companies in the Auto Industry in China”

by the online and independent Chinese Market Consumers Trend Survey.

AutoMart was nominated by consumers and industry professionals, and then

received the award after voting on the www.people.com.cn,

www.sohu.com, www.cubn.com.cn,

www.18-china.com, www.sun315.com.cn,

and other Web sites.

“AutoMart is greatly honored for this

recognition,” said Mr. Pang, “and

knowing that it was achieved through an independent public survey makes

it very special.”

About AutoMart China

AutoMart-China (Beijing Sino-US Jinche Yingang Auto Technological

Services Ltd., http://ift.tt/1Ff7EN1)

is the largest independent auto aftermarket company in Beijing, and

recently entered a share exchange agreement to become 95% owned by Deep

Field Technologies, Inc. (OTC BB: DPFD). AutoMart is a full-service

automotive repair and maintenance company operating throughout Beijing.

With more than 450 employees, a typical AutoMart facility is

substantially larger than most other automotive repair facilities, with

its largest being nearly 100,000-square feet. Along with its focus on

repair and maintenance, AutoMart owns and operates automotive insurance

agencies co-located within each of its repair facilities.

This press release contains 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. With the exception of historical

information contained herein, the matters discussed in this press

release involve risk and uncertainties. Actual results could differ

materially from those expressed in any forward-looking statement.

The post AutoMart-China Adds to its Core Insurance-Driven Repair Business with New Insurance Contracts and 4 More Insurance Evaluation Centers | Business Wire appeared first on 2014 Stingray.

from WordPress http://ift.tt/1Ff7EN8

via IFTTT