LOS ANGELES, Aug. 1, 2002 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT" or the "Company") announced today the relocation of its El Segundo, CA office to 420 Lexington Avenue, New York, NY 10170, effective August 1, 2002, as part of various cost-saving measures that the Company has implemented. In a further effort to reduce costs, Jason Webster will no longer hold the position of the Company's Investor Relations contact. For future inquiries, investors may refer to public web announcements, SEC filings or contact the Company directly at 310-416-1270.
"We appreciate Mr. Webster's commitment and past services and wish him well in his future endeavors," said Wayne I. Danson, ACT's President and CFO. "Although we are extremely positive and expect to maintain our exclusive rights to market and distribute SpectruCell, we are taking an aggressive approach to curtail our operating costs. Relocating our office to a more cost-effective location and consolidating monthly expenses are reasonable measures that the Company is taking to minimize its overhead."
ACT is actively participating in ACT Australia's bankruptcy process. "We (ACT) have been well represented throughout the litigation (with ACT Australia) and are pleased with how things are progressing," remarked Danson, who continued by saying, "We are optimistic that the outcome of ACT Australia's bankruptcy will result in the Company having a more meaningful, on-going role in the ownership, development and marketing of the SpectruCell technology. We are particularly heartened by the significant interest in SpectruCell from prominent Australian and U.S. public and private companies."
Randall Prouty, the Company's Chairman, commented, "We have received a tremendous amount of support from our Board of Directors, attorneys and ACT supporters throughout the litigation (with ACT Australia) and are encouraged that all of these efforts will result in our being able to fulfill our goals and objectives of marketing and distributing SpectruCell in the military and commercial marketplace in the near future. There are still some significant issues to be resolved in the ACT Australia bankruptcy proceeding and we expect to have a much clearer picture of where we stand by the end of August."
For an in depth discussion on the Company's litigation with ACT Australia and a recent update, please visit our website at http://www.actadvc.com, and see the Company's recently filed Form 8-K.
About Advanced Communications Technologies Inc.
Advanced Communications Technologies Inc. ("ACT") holds the exclusive rights throughout the North, South and Central American markets to SpectruCell, a software-defined radio (SDR) multiple protocol wireless base station consisting of hardware and software that enables network providers to install a single base station and configure it to any or all protocols (GSM, CDMA, UMTS, W-CDMA, etc). SpectruCell has been, and other related products are being developed by, Advanced Communications Technologies (Australia) Pty Ltd, which the Company owns a 20% interest in.
This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934. Although the Company believes that the expectations reflected in such statements are reasonable, no assurances can be given that they will prove correct. The Company remains exposed to risk factors that include the availability of financing, the outcome of litigation, the outcome of the bankruptcy filing of Advanced Communications Technologies (Australia) Pty Ltd, technical or equipment complications, the availability of qualified personnel, market competition, meeting time critical requirements and others. Statements made herein are not a guarantee of future corporate or stock performance. The Company does not update or revise its forward-looking statements even if it becomes clear projected results (expressed or implied) will not be realized.
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