NEW YORK, Oct. 30, 2003 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT" or the "Company") announced today that in furtherance of its plan to restructure liabilities and put the Company in a position to move forward profitably, it has reduced its outstanding debt by $575,000 through a combination of bondholder conversions, debt forgiveness and settlements with accounts payable creditors, bringing the Company's total debt reduction to $1.4 million since September.
The recent $575,000 debt reduction, which has generated income of $200,000 to the Company, includes $66,000 of accrued interest that certain bondholders agreed to discharge, $80,000 forgiven by Company officers and directors for past services rendered, and $95,000 from debt settlements with accounts payable creditors. In addition and lending further support, the Board of Directors has agreed to waive its fiscal 2003 director's fees.
"We are significantly improving the Company's financial condition by reducing our debt and cleaning up our balance sheet," said Wayne I. Danson, ACT's President and CFO. Danson continued, "We are working hard and are pleased with the progress made in settling our debts, which is part of our restructuring plan to turn the company into a profitable business enterprise."
The Company has earned $375,000 of debt discharge income during its current fiscal year and anticipates resolving the majority of its remaining debt obligations by the end of the 2003 calendar year. All favorable changes to ACT's balance sheet will be reflected in the Company's second quarter interim financial statements.
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.
HTML: http://newsroom.eworldwire.com/wr/102903/1836.htm
PDF: http://newsroom.eworldwire.com/pdf/102903/1836.pdf
ONLINE NEWSROOM: http://newsroom.eworldwire.com/1376.htm