PALM BEACH, Fla., June 20, 2011 (GLOBE NEWSWIRE) -- KruseCom, LLC, the company that 'Buys, Sells, and Maintains Enterprise I.T.', has merged with QSGI, Inc. (Pink Sheets:QSGIQ) in accordance with QSGI's Plan of Reorganization which was approved on February 11, 2011 by the United States Bankruptcy Court. Previously a private company, KruseCom contributes its assets and revenues to the merger for the benefit of QSGI's shareholders and stakeholders. Under the QSGI corporate entity, KruseCom and its related business entities will continue to operate under their current brand names.
Marc Sherman, Managing Member of KruseCom, LLC, and Chairman/CEO of QSGI, Inc., explained, "We are pleased to announce this first step towards the renewed QSGI which is set to emerge from bankruptcy as early as July 8th, 2011. We have worked tirelessly to rebuild the value of our business, and we are ready for launch. We have been through the worst economic times in modern history, and we are about to turn the corner for our clients and shareholders. Our organization is very excited about the future prospects of our new business plan and vision. We continue to build and nurture the remarketing, recycling, and data security businesses, along with launching our new product sales and maintenance services. With positive cash flow and no bank debt, we feel we can continue to grow and build our business while minimizing risk for shareholders, despite the current economic environment. The technology refresh cycle has been put on hold in recent years, and the fact we have survived and are now flourishing, gives us great confidence in the future."
About KruseCom
KruseCom 'Buys, Sells, and Maintains Enterprise I.T.' KruseCom's portfolio of products and services is designed to help corporations and government organizations to better manage their surplus information technology assets. KruseCom customers benefit by reducing their maintenance expenses, building best practices for data security, and assuring regulatory compliance. Addressing the entire range of IT platforms – from mainframes, midrange servers and PCs, to network infrastructure and enterprise storage hardware, the services offered by KruseCom are designed to reduce total cost of ownership for IT assets and maximize the clients' return on their IT investments.
For enterprise class hardware in data centers, KruseCom offers hardware maintenance services, refurbished whole systems, parts, features, upgrades, and add-ons. Additionally, for desktop IT assets, servers, and SAN products, KruseCom offers a range of end-of-life services that include: automated asset auditing, Department of Defense (DOD) level data destruction, documentation for regulatory compliance, hardware refurbishment, worldwide remarketing, and proper IT asset recycling.
Given the sensitive nature of the company's client relationships, it does not provide the names of its clients. Additional information about the company is available at www.KruseCom.com.
About QSGI
QSGI, Inc. specializes in technology asset management, new product sales, used product remarketing, enterprise maintenance, spare parts sales, end of lifecycle management, hard drive destruction and data erasure, fee-based e-waste disposal, and green recycling. Providing a spectrum of information technology products and services, QSGI creates a marketplace that bridges I.T. transactions between Fortune 500 corporations, original equipment manufacturers, leasing companies, privately held businesses, and even individual consumers. QSGI's mission is to continue developing new services that add value for its customers and shareholders.
Forward-Looking Statements:
Statements in this release that are not strictly historical in nature constitute "forward-looking statements." Such statements may include, without limitation, statements with respect to the Company's plans, objectives, expectations and intentions, and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of QSGI to be materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to the progress, timing, cost, and results of mergers, acquisitions, and operations; competition from other technology companies; and the additional risks discussed in filings with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and QSGI undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. The company names used in this statement are for identification purposes only. All trademarks and registered trademarks are the property of their respective owners.