A.D.TECH Announces Insider Stock Purchases - Totalling 224,600 Shares; CEO and President Both File SEC Form 13D.Business/Technology Editors TAUNTON, Mass.--(BUSINESS WIRE)--June 9, 2000 Advanced Deposition Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADTC ADTC Armament Development Test Center ADTC Advanced Data Tools Corporation ADTC Apparel Training and Design Centre (India) ADTC Advance Data Transfer Cartridge ADTC Advanced Data Transfer Cartridge ) (BSI BSI - British Standards Institute : DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. ) announced today that Glenn J. Walters, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Alex P. Boxall, President, have each filed a Form 13D disclosing additional purchases of common shares. Mr. Boxall disclosed purchasing 24,600 shares on the open market during the month of May at an average price of $1.57 per share. Mr. Walters and Mr. Boxall also announced they each purchased 100,000 of Treasury stock from A.D.TECH at a price of $1.50 per share. These shares were in exchange for an equity conversion of $300,000 in short term subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". provided to the Company during the second quarter of 2000. The Board of Directors approved this transaction on May 24, 2000 in order to strengthen the balance sheet and to eliminate some of its short-term liabilities. This transaction was entirely at the Board's discretion. The total number of shares outstanding after this transaction is approximately 5,018,648. The Board of Directors consider this action as a further indication of senior management's commitment and expectation for improved top and bottom line growth combined with a clear focus on increasing shareholder value. Mr. Boxall and Mr. Walters declined to comment. Over the past several months, A.D.TECH reported a return to profitability and double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" revenue growth from a world-wide customer base. A joint venture in China was announced in May 2000. The Company believes this joint venture will continue its strategic growth in Asia and also facilitate its double digit sales growth in Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Advanced Deposition Technologies, Inc. is a technology and market leader for metallized thin films, coatings and components thereof. The Company has primary product divisions in markets for electronic capacitors, microwave food packaging and electronic packaging materials selling in over fifty countries along with subsidiaries in Spain and Malaysia. The Company owns or has licenses to more than 36 patents and 10 patents pending. On a selective basis the Company licenses its proprietary thin film technologies and patents to partners who can accelerate revenue and earnings growth of A.D.TECH's unique products and technologies on a global basis. To receive A.D. TECH's latest news and other corporate documents visit A.D. TECH's web site at www.adtc.net or www.adv-dep.com. Any forward-looking statements in this release are made pursuant to the "safe-harbor" provision of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, new products and technological changes, dependence upon third-party vendors, a limited number of customers, political and other uncertainties related to customer purchases, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. |
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