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DealerAdvance, Inc.: DealerAdvance Announces $2.98m Debt Reduction Through the Sale of CRM Software Product

^{Published on 2009-07-28 06:49:03, Last Modified on 2009-07-28 06:49:10 - Market Wire}
 

ADDISON, TX--(Marketwire - July 28, 2009) - DealerAdvance™, Inc. (PINKSHEETS: [ DLAD ]) today announced that the Company has reduced its outstanding debt through the sale of the DealerAdvance automotive CRM software system.

Steven Humphries, CEO of DealerAdvance™, said, "We are pleased to announced that the Company has reduced its outstanding convertible debt with the NIR Group by selling the DealerAdvance™ automotive CRM software. The software has been sold in exchange for the assumption of $2.98m in convertible debentures."

DealerAdvance CEO Steven Humphries said, "The tough automotive market and our debt structure have had a dramatic impact on Company operations. Now with the significant debt reduction the Company will be able improve overall operations and focus on a new structure to be announced later this week."

This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," "forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, no guarantees of Earthworks Entertainment's future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.