Advanced Communications Technologies, Inc. Announces Board Changes; May and Roberts Resign At Request of Board of Directors.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 28, 2002 Advanced Communications Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ADVC ADVC Analog to Digital Video Converter ) announced today that Roger May, former chairman and chief executive of the Company and Allen Roberts, vice president of mergers and acquisitions ACT-Australia, have resigned from the ADVC Board at the request of the Board of Directors. "Given the current status of our 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. against ACT-Australia, the Board of Directors believe that it is in the best interest of ADVC's shareholders that May and Roberts have no further direct involvement in the management of ADVC or in Board activities," said Randall Prouty, Chairman of ACT. "We have an experienced and active Board and we look forward to augmenting the Board's capacity with other appointments in the coming months," he added. "Given the complexity of the legal matters involving ACT-Australia, currently before the Supreme Court of Victoria in Melbourne, Australia we are posting all material relevant to the matter and various hearings on the Company's website," Prouty added. A complete copy of the court order enjoining en·join tr.v. en·joined, en·join·ing, en·joins 1. To direct or impose with authority and emphasis. 2. To prohibit or forbid. See Synonyms at forbid. ACT-Australia from transferring, selling or dealing with our 20% interest in that company can be found here http://www.actadvc.com/site/litigation.asp About Advanced Communications Technologies, Inc. In January, Advanced Communications Technology, Inc. (OTCBB:ADVC) closed a $31 million financing agreement with Cornell Capital Partners, LP that enables the Company to continue with plans for SpectruCell, a leading edge wireless infrastructure based on software defined radio A wireless terminal (phone, PDA, etc.) that is reconfigurable via software. It enables wireless devices to be easily updated to new or later versions of the air interface and allows multiple interfaces to be supported. routing technology, and broaden its focus to take advantage of other opportunities. The Company is currently exploring opportunities for investment in operating businesses with revenue, profits and equity growth potential. The Company is also focusing on meeting the qualifications for listing of the Company's stock on the 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 or AMEX AMEX See: American Stock Exchange Stock Exchange. To date, the Company has made a significant investment in SpectruCell. The Company currently owns the commercial rights to SpectruCell's technology for the North, South and Central American Central America A region of southern North America extending from the southern border of Mexico to the northern border of Colombia. It separates the Caribbean Sea from the Pacific Ocean and is linked to South America by the Isthmus of Panama. markets. It also owns a 20% interest in its Australian affiliate, Advanced Communications Technologies (Australia) Pty Ltd PTY LTD Propriety Limited (company structure in Australia) , the developer of SpectruCell. For more information regarding Advanced Communications Technologies, Inc., visit http://www.actadvc.com. This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934. Although the Company believes that the expectations reflected in such statements are reasonable, no assurances can be given that they will prove correct. The Company remains exposed to risk factors that include the availability of financing, the outcome of litigation, the outcome of negotiations with its affiliate, technical or equipment complications, the availability of qualified personnel, market competition, meeting time critical requirements and others. Statements made herein are not a guarantee of future corporate or stock performance. The Company does not update or revise its forward-looking statements even if it becomes clear projected results (expressed or implied) will not be realized. |
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