A.D.TECH Files Voluntary Chapter Eleven Bankruptcy Petition; Ernst & Young Resigns as Auditors.Business/Technology Editors TAUNTON, Mass.--(BUSINESS WIRE)--April 5, 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 it filed a Chapter Eleven Bankruptcy voluntary petition with the District Court in Boston, Massachusetts and that Ernst and Young had resigned from their responsibilities as financial auditors for the Company both in the United States as well as in Spain. This decision was unanimously approved by the ADTECH ADTECH Advanced Technology ADTECH Advanced Decoy Technology Board of Directors partially due to actions, taken or anticipated by the National Bank of Canada This article is about a commercial bank. For Canada's central bank, see Bank of Canada. National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. against the Company. The Company believes this filing will permit the Company to continue worldwide production and sales of its products while resolving operational issues and overdue accounts receivable with its 81% owned Spanish subsidiary, DNA-ADTECH S.A. 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. , stated, "We remain committed to continuing the supply of metallized film products with our customers and we appreciate the tremendous efforts our staff has made over the past several weeks to deal with this difficult situation. The continued support of our staff, customers and suppliers combined with resolving financial and operational issues with our Spanish subsidiary will be key elements to an expedient exit from the Chapter Eleven process." 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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