NEW YORK, Oct. 11, 2002 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT" or the "Company") announced today that on October 10, 2002, the Company's Board of Directors approved a resolution authorizing the Company to file an Information Statement with the Securities and Exchange Commission to approve a vote by a Majority Written Consent of the shareholders, to authorize an increase in the Company's authorized common shares. The record date for the shareholders' action has been set for November 27, 2002.
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 system 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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