NEW YORK, Nov. 13, 2003 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT" or the "Company") announced today that it has reduced an additional $300,000 of outstanding debt through recent settlements with accounts payable creditors and convertible debenture holders, bringing the Company's total debt reduction to over $1.6 million since September.
Wayne Danson, ACT's President and CFO stated "This debt reduction has generated an additional $105,000 of income to the Company. We are putting as much effort as possible into clearing all of our debt by year end, which will enhance our balance sheet significantly and allow us to move forward with our restructuring strategies." Danson continued "Our ability to reduce over $1.6 million of debt in such a short time has kept management very optimistic, as we continue to reshape the Company."
The recent debt settlements and improved financial condition of the Company has been attributed to management's commitment, and the Company's access to its equity line facility with Cornell Capital Partners, L.P., that became available this past July.
All favorable changes to ACT's balance sheet will be reflected in the Company's second quarter interim financial statements.
About Advanced Communications Technologies Inc.
Advanced Communications Technologies Inc. ("ACT") owns the exclusive marketing and distribution rights throughout the North and South American markets to SpectruCell, a software-defined radio (SDR) multiple protocol wireless system that is currently being developed by an unrelated party in Australia.
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 certain risk factors which are outlined in the Company's Registration Statement as filed with the Securities and Exchange Commission on July 16, 2003. Statements made herein are not a guarantee of future corporate or stock performance.
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