NEW YORK, June 1, 2004 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) (the "Company") today announced that on May 28, 2004, the Company closed on a $4.2 million Series A Preferred Stock offering (the "Series A Preferred Stock") with Cornell Capital Partners, L.P. ("Cornell Capital").
The Series A Preferred Stock security issued to Cornell Capital is convertible into the Company's common stock no earlier than May 28, 2005, carries a 5% annual dividend and is redeemable at the Company's option at a 20% premium to liquidation value.
Wayne Danson, the Company's President and Chief Financial Officer said, "This financing gives us the ability to aggressively implement our strategic business plan of acquiring a core operating business and also provides capital for discreet investments in solid privately-owned operating businesses that we have been considering in the technology and biotech industries."
About Advanced Communications Technologies Inc.
Advanced Communications Technologies Inc. (the "Company") owns a minority interest in Yorkville Advisors Management, LLC, an investment management partnership, through its wholly owned subsidiary Hudson Street Investments, Inc. The Company also 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 not, as of yet, commercially available.
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 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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