A.D.TECH Files Form 12B-25 for Two Week Extension of Form 10-K; Alex Boxall Resigns From Board of Directors and as President of Company.Business Editors TAUNTON, Mass.--(BUSINESS WIRE)--April 3, 2001 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 is has requested a two week extension with the SEC to file its Form 10K. The Company filed Form 12B-25 which included the following explanation. The Registrant An individual or organization that signs up (registers) for a training class or service. See domain name registrar. is unable to file its Form 10-KSB for the period ending December 31, 2000 on the date due primarily as a result of delays encountered in completing its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and corresponding delay in completion of the annual audit thereof. These delays have arisen, in part, due to Registrants' efforts to obtain adequate information regarding related party transactions in our Spanish subsidiary in the years 2000, 1999 and 1998. There were additional related party transactions enabling the Company to borrow additional funds on its revolver the Bank feels were in violation of the revolver. The Bank has suspended funding pending a five day cure period for the overdraft amount. As a result, the Registrant is not able without unreasonable effort or expense to file its Form 10-KSB on or prior to the prescribed filing date of March 30, 2001 and therefore seeks relief pursuant to Rule 12b-25. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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