ALISO VIEJO, Calif., Dec. 20, 2002 (PRIMEZONE) -- Myrient (OTCBB:MYNTE), an Outsourced IT solutions provider, today announced that it has not filed its form 10-K Annual Report for the fiscal year ended 8/31/2002 with the Securities and Exchange Commission within the required time period, and may not be able to timely file it within the appropriate extended deadlines, according to Bryan Turbow, its President and CTO.
Turbow said, "It is well known that our resources are severely limited during this time of thorough corporate restructure. Understandably, our auditors did not agree to take a credit risk with respect to getting paid for their year-end audit, which forced us to chose between: (1) keeping current with our reporting requirements or (2) completing the restructuring of our product line. Of course, we will do everything we can to complete the audit and file as soon as finances allow", Turbow added.
With respect to the company's significant liabilities, Turbow said, "In the last four months especially, we have made significant progress in reducing our debt-load and litigation costs through across-the-board negotiations with our major creditors. These efforts resulted in settlement agreements which generally provide for: (1) significant compromise of the debt amounts; (2) no payment requirements generally for a year or more; (3) a long-term payment schedule starting with minimal quarterly payments that increase each year thereafter and (4) mutual, full releases to cut litigation costs and the possibility of additional future litigation."
He added, "It is gratifying to have seen the co-operation we received from most of our creditors during this restructure period, which enabled us to: (1) avoid bankruptcy, (2) downsize the company in an orderly manner, (3) extricate ourselves from most long term, unprofitable contracts and most importantly, (4) start a restructuring of our product line to serve as the foundation for potential future profitability.
About Myrient
Myrient is an Outsourced IT solutions provider that enables customers to outsource all of their IT infrastructure needs, while ensuring the highest level of security and reliability. Myrient offers unparalleled value through proprietary network design and enabling technologies, which efficiently leverage its partners' network capacity. Founded on principles of integrity and excellence, Myrient has developed a reputation for uncompromised quality and service. By focusing on solving real business problems, Myrient's success is dependent on helping clients become more successful.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the matters discussed in this news release may be forward-looking statements subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected. These include uncertainties in the market, competition, legal, success of marketing efforts and other risks detailed in the company's SEC reports. The company assumes no obligation to update the information in this release.