NEW YORK, Aug. 6, 2003 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) ("ACT" or the "Company") today announced that on July 31, 2003, the Securities and Exchange Commission ("SEC") approved the Company's Registration Statement that was filed with the SEC on July 16, 2003, declaring it effective.
When asked what positive impact to the Company and its shareholders the effective Registration Statement has, Wayne I. Danson, ACT's President responded "The Company has been waiting for this important door to open. This is the first step towards reorganizing and restructuring the Company."
Danson conveyed that details on the restructuring strategies and related progress would be announced over the next 60 days.
Matthew Beckman, Managing Partner of Cornell Capital Partners, L.P. ("Cornell") was present and stated, "ACT has our complete financial and strategic business support."
Beckman, who intends to become a Director of the Company added, "I look forward to working with Wayne (Danson) and the other board members in turning the Company into a successful and profitable organization."
Danson, when asked about the Company's $30 million Equity Line of Credit with Cornell said, "We now have immediate access to our financing facility and plan to use it initially for working capital purposes and in restructuring our obligations with various creditors."
Management is delighted with the SEC's actions that signify the end of a review by the SEC of the Company's regulatory filings over the past two years. Now that the quiet period has ended, the Company expressed enthusiasm in being able to discuss its future plans more freely through regular news releases.
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 under development, consisting of hardware and software that enables network providers to install a single base station and configure it to any or all protocols.
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 that include the completion, marketability and availability of the SpectruCell product, the availability of qualified personnel, market competition, meeting time critical requirements and others as 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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