NEW YORK, June 1, 2004 (PRIMEZONE) -- Advanced Communications Technologies, Inc. (OTCBB:ADVC) (the "Company") today announced that on May 28, 2004, the Company closed on a $4.2 million Series A Preferred Stock offering (the "Series A Preferred Stock") with Cornell Capital Partners, L.P. ("Cornell Capital").
The Series A Preferred Stock security issued to Cornell Capital is convertible into the Company's common stock no earlier than May 28, 2005, carries a 5% annual dividend and is redeemable at the Company's option at a 20% premium to liquidation value.
Wayne Danson, the Company's President and Chief Financial Officer said, "This financing gives us the ability to aggressively implement our strategic business plan of acquiring a core operating business and also provides capital for discreet investments in solid privately-owned operating businesses that we have been considering in the technology and biotech industries."
Bin mal gespannt was da noch kommt!
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