NEW YORK, Oct. 20, 2004 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) (the "Company") today announced a delay in filing its annual report on Form 10-KSB for the fiscal year ended June 30, 2004.
Because of the Company's activities in closing acquisitions and making investments during the third and fourth quarters, particularly its investment in Yorkville Advisors Management, LLC ("Yorkville"), the Company's accountants require additional time to complete its financial review.
Wayne Danson, President and Chief Financial Officer of the Company said, "Our accountants are following all of the necessary procedures in reviewing our financials, however they need additional time with respect to performing certain independent analyses of our investment in Yorkville." Danson continued, "Our accomplishments over the past six months have transformed the Company into a more complex business enterprise, requiring more substantive financial reporting. We expect the 10-KSB to be filed within the next two weeks."
As previously reported for the fiscal year ended June 30, 2004, the Company earned net income of $475,820 with assets of approximately $8,000,000.
The Company is in the midst of discussions with various acquisition and investment candidates and expects to announce its progress over the next 30 days.
About Encompass Group Affiliates, Inc.
Encompass Group Affiliates, Inc. ("Encompass") is the principal operating company of Advanced Communications Technologies, Inc. (OTCBB:ADVC). Based in New York City, Encompass seeks to acquire companies that complement its charter to become a leader in integrated technology and services. Encompass owns Cyber-Test, Inc., an established electronic equipment repair company based in Longwood, Florida and exclusive licenses to selected technology assets.
About Advanced Communications Technologies, Inc.
Advanced Communications Technologies, Inc. (OTCBB:ADVC) (the "Company") is a New York City-based public holding company that, through its wholly owned subsidiary and principal operating unit Encompass Group Affiliates, Inc., owns Cyber-Test, Inc., an established electronic equipment repair company based in Longwood, Florida. Additionally, the Company through its wholly owned investment subsidiary Hudson Street Investments, Inc., owns a minority interest in Yorkville Advisors Management, LLC, an investment management partnership, and through SpectruCell, Inc., owns the rights to market and distribute in North and South America, SpectruCell, an in-development wireless-based telecommunications technology.
This release and oral statements made from time to time by the Company's representatives concerning the same subject matter may contain "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the Company with the Securities and Exchange Commission, which should be considered together with any forward looking statement. No forward looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.