Tuesday, January 13, 2004
Advant-e Corporation Announces Significant Debt Reduction
Total Convertible Debt of $775,000 Reduced by 94%
DAYTON, Ohio, Jan. 13 /PRNewswire-FirstCall/ -- Advant-e
Corporation (OTC Bulletin Board: AVEE
- News),
a leading provider of Internet-based business-to- business
electronic commerce services, announced today that a significant
portion of the Company's convertible subordinated debt has
been eliminated via a combination of debt conversion and payments.
Advant-e raised $775,000 with convertible debt offerings in
2001 and 2002 to facilitate the development and marketing
of its Internet-based Business-to- Business electronic commerce
services with $525,000 of 15% and $250,000 of 10% convertible
debt.
Of the 15% convertible debt, $355,000 has been converted
into common stock at $1.06 per share and $120,000 has been
paid leaving $50,000 due in 2004. All of the 10% convertible
debt has been converted into common stock at $1.10 per share.
In addition to the debt reduction, the Company also paid
over $200,000 of interest on the notes in 2003. Approximately
$108,000 of interest was charged to expense in calendar year
2003.
Jason K. Wadzinski, President and CEO of Advant-e, stated,
"I am extremely pleased that our outstanding debt has
been greatly reduced and I welcome those who converted their
debt as new shareholders of Advant-e Corporation. Our balance
sheet going forward is much stronger and the significant reduction
of interest payments will benefit our earnings in 2004."
Advant-e Corporation filed on December 1, 2003 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.
The registration statement is not effective as of the date
of this press release.
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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