Monday, November 24, 2003
Advant-e Corporation Announces Debt Conversion
One Third of Principle Convertible Debt Exchanged for Restricted
Stock
DAYTON, Ohio, Nov. 24 /PRNewswire-FirstCall/ -- Advant-e
Corporation (OTC Bulletin Board: AVEE
- News),
a provider of Internet-based business-to-business electronic
commerce services, today announced that one of the largest
investors in its 15% convertible debt has opted to convert
$250,000 into Advant-e common stock according to the terms
of the September 27, 2001 agreement at $1.06 per share.
Advant-e
raised $775,000 with convertible debt offerings in 2001 and
2002 to facilitate development and marketing of its Internet-based
Business-to- Business electronic commerce services. With the
conversion of $250,000 into common stock and the previous
retirement of $25,000 in principle debt, the outstanding principle
balance of convertible debt is now $500,000.
Jason
K. Wadzinski, President and CEO of Advant-e, stated, "We
are pleased when investors in our convertible debt decide
to convert their debt into common stock. We believe this decision
is a huge vote of confidence in us and may be based on our
recent results and business plan moving forward. We will strive
to continue to improve our balance sheet in 2004 and retire
debt whenever possible."
Advant-e
Corporation will be filing a registration statement on form
SB-2 with the Securities and Exchange Commission to register
all of the shares associated with the Company's convertible
debt and warrants associated with the debt offering in the
near future.
The information
in this news release includes certain forward looking statements
that are based upon assumptions that in the future may prove
not to have been accurate and are subject to significant risks
and uncertainties, including statements to the future financial
performance of the company. Although the company believes
that the expectations reflected on its forward looking statements
are reasonable, it can give no assurance that such expectations
or any or its forward-looking statements will prove to be
correct. Factors that could cause results to differ include,
but are not limited to, successful performance of internal
plans, product development and acceptance, the impact of competitive
services and pricing, or general economic risks and uncertainties.
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