ASD Announces Reorganization Efforts.Business Editors POUGHKEEPSIE, N.Y.--(BUSINESS WIRE)--June 7, 2001 ASD ASD abbr. atrial septal defect ASD Atrial septal defect, see there Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ASDG ASDG Abstract System Dependency Graph ) announced today that ASDG and its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. (jointly "ASDG") voluntarily filed petitions for relief under Chapter 11 of 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. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . The petitions, which allow for reorganization of the companies' debts, were filed in the United States Bankruptcy Court of the Southern District Court of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . ASDG was granted the right, by the court, to use cash collateral on an interim basis until a further hearing. Concurrent with these filings, ASDG is initiating efforts to achieve a comprehensive restructuring of its obligations with all of its creditors. Management is pursuing various strategies in connection with payment of ASDG's outstanding indebtedness. At this time, management believes these filings are in the best interest of ASDG's employees, creditors, customers and shareholders. ASDG expects to continue its operations while it uses the reorganization process to regain the financial strength necessary to compete effectively. The filings will enable ASDG to continue to provide contract manufacturing and engineering services to its customers. ASDG provides comprehensive contract manufacturing and engineering services to original equipment manufacturers. ASDG specializes in the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. , assembly and testing of complex industrial products and non-invasive testing equipment. ASDG manufactures complete systems, as well as assemblies, including printed circuit boards, cable and wire harnesses and other electro-mechanical assemblies. ASDG complements its basic manufacturing services by providing its customers with a broad range of sophisticated product engineering and design services. Products manufactured by ASDG range from automated test and production systems to less complex products such as bicycle wheel hubs. This Press Release includes forward-looking information that involves risk and uncertainties, including statements about the Company's plans, objectives, expectations and intentions. Readers are cautioned that forward-looking statements include known and unknown risks. Such risks include, but are not limited to, the uncertainties associated with a contract manufacturing company which is dependent upon a small number of large companies and upon key personnel and upon certain industries, a company which has a limited history of profitability and a need for additional capital as well as the risks associated with a bankruptcy proceeding. ASDG is also subject to other risks detailed herein or detailed from time to time in ASDG's filings with the Securities and Exchange Commission. |
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