HOUSTON, May 18, 2004 (PRIMEZONE) -- GK Intelligent Systems, Inc. (OTCBB:GKIG), a publicly traded holding company with entertainment and technology subsidiaries, announced that since its 2003 10KSB filing it has further reduced outstanding debt previously carried on its books in the amount of $972,330.00. The company is taking this action in accordance with Texas V.T.C.A. Civil Practice & Remedies Code 16.004(a). Under this code, $871,090.00 of debt incurred over four years prior is no longer enforceable under Texas law. Also, $101,240.00 of the reduction is attributable to an election made by an officer of the Company to receive stock in lieu of cash for accrued salary.
"This is a major step toward our goal of eliminating all of our outstanding debt," said Gary Kimmons, President and CEO. "This action effectively removes 42% of the debt previously shown on our balance sheet."
GKIG is a developer, and provider of proprietary "intelligent" software technology products and supporting technologies designed to personalize nationally branded products and services, with the objective of improving profitability and fostering higher levels of customer satisfaction and brand loyalty. The Company operates as holding company with various emerging entertainment and technology subsidiaries with an emphasis in the music industry.
For more information on GK Intelligent Systems please visit the corporate website, www.gkis.com, and its exciting music entertainment subsidiary's website, www.RAWW.com.
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Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.