Auto 'V' Grooving Inc.

April 13, 2007 08:56 ET

Auto 'V' Grooving Inc. Acquisition Terminated

TORONTO--(CCNMatthews - April 13, 2007) - Auto 'V' Grooving Inc. announces that effective the close of business yesterday the "Stock Purchase Agreement" with Auto 'V' Resources, Inc. (formerly Premier Mortgage Resources, Inc.) of Las Vegas, Nevada, has been terminated. This Agreement would have resulted in Auto 'V' Grooving Inc. becoming a wholly owned subsidiary of Auto 'V' Resources, Inc.

The termination of this agreement has resulted from the inability of the Companies to fulfill the agreement's terms in a timely fashion. During the period since the execution of the agreement with Premier Mortgage Resources, Inc. on November 20, 2006, circumstances have arisen that prevent the final exchange of shares. With the termination of the Agreement, Auto 'V' Resources, Inc. no longer has any business relationship with Auto 'V' Grooving Inc.

Effective April 12, 2007, Steven Brown and Edward Herbert have resigned their positions as Officers and Directors of Auto 'V' Resources, Inc. These resignations have been registered with the Nevada Secretary of State.

About Auto 'V' Grooving Inc.

Based in Toronto, Ontario, Auto 'V' Grooving Inc. is the innovator of the v-grooving fabrication process, and manufactures a line of high precision machinery incorporating this revolutionary technique. Over the last 35 years, more than 1600 machines have been installed worldwide, all of them still in full production operation. The company currently markets its equipment through major industry trade shows, direct sales and on the Internet.

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