PALM BEACH, Fla., Aug. 31, 2011 (GLOBE NEWSWIRE) -- QSGI INC. (Pink Sheets:QSGI). On August 26, 2011, QSGI, Inc. was notified that the Honorable Erik P. Kimball, United States Bankruptcy Judge, Southern District of Florida, entered a final decree to close the Chapter 11 case. The signing of this order signifies that QSGI, Inc. has emerged from bankruptcy.
Marc Sherman, Chairman/CEO of QSGI, Inc., explained, "We are very pleased to exit Chapter 11, and to focus our attention on the business of generating value for our shareholders. We have emerged a much stronger company with a solid balance sheet, sustainable profitability, as well as a clear and achievable growth strategy. We still have some documents to file to bring our status current with the SEC, and we expect to have that done on or before November 1st. In the meantime, we plan to keep our investors regularly updated on our business."
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.