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Autobytel.com’s European Holding Company Restructures Operations
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| Irvine, CA – June 28, 2001 |
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| Updated |
Jul 7, 2004 20:36:52 |
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Description:
– Autobytel.com (Nasdaq:ABTL) today announced that Autobytel Europe is restructuring its operations to enhance efficiency. Autobytel Europe was formed as a holding company to coordinate the licensing, technology and new business creation activities of Autobytel in Europe. Autobytel international web sites continue to operate in the UK, the Netherlands, Japan, Australia, Sweden and Canada.
The restructuring involves significant staff reductions at Autobytel Europe. It is expected that the restructuring may also involve changes to Autobytel Europe’s capital structure to reflect a reduction of its business activities.
“Autobytel Europe was formed largely to extend into new businesses with new investors in additional European countries, and the capital market climate in general for online investment has changed,” said Mark Lorimer, President and CEO of Autobytel.com and Chairman of Autobytel Europe. “However, Autobytel remains committed to the European market and we intend to explore opportunities with new and existing partners on a case-by-case basis.”
The company continues to pursue its international business in Europe and on other continents. |
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