NEW YORK, Dec. 15, 2003 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT" or the "Company") announced today that it has reduced an additional $570,000 of accrued and contingent liabilities including settlements with two of its major trade creditors, one of which is the Company's landlord in California. These settlements bring ACT's total debt reduction to over $2.2 million since September.
ACT's President and CFO, Wayne Danson commented by saying, "This is an enormous accomplishment for the Company. We have just settled with two major creditors as we continue to put a substantial effort into settling the remainder of our debt as soon as practicable. We remain in full force with our restructuring strategy to clean up our balance sheet and reshape the Company."
An additional $250,000 of debt discharge income was generated from these recent debt settlements, and will be reflected in the Company's second quarter interim financial statements.
The Company anticipates announcing the next phase of its restructuring and repositioning strategy by mid January 2004, which includes investment and other profit generating activities expected to yield strong shareholder returns.
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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