Advanced ID Corporation Reaches Debt Conversion Agreement With Largest Lender.Business Editors LAS VEGAS--(BUSINESS WIRE)--May 29, 2003 Reduces Advanced ID's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. by 58%; Lender to convert US$178,796 loan to Advanced ID restricted stock Advanced ID Corporation, (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AIDO AIDO Associazione Italiana Donatori Organi (Organ Donors Italian Association) ), a pioneer in the radio frequency identification See RFID. (RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. ) market, today announced that it has significantly improved its balance sheet by reaching an agreement with its largest lender to convert its debt to equity. In accordance with the agreement, the US$178,796 loan will be converted into 1.5 million shares of Advanced ID restricted stock. This stock will be restricted for a 2-year period, during which the shares cannot be sold. This transaction will reduce Advanced ID's long-term debt by 58% to US$130,000. "As our revenues continue to grow, we are able to improve our balance sheet numbers as well. We have decided to strengthen our balance sheet so that we may have greater flexibility in the near future to fund our growth into new target areas such as the livestock and inanimate markets." stated Mr. Barry I. Bennett, President and 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. of Advanced ID. "We believe that our lenders, as well as equity investors, are more willing to negotiate equity investment terms because our current results and future growth prospects are showing solid improvements." About Advanced ID Corporation Advanced ID Corporation, through its wholly owned Subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is a pioneer in the radio frequency identification (RFID) market. RFID allows for the positive identification and location tracking of animals or objects that have been identified with a tiny microchip. The Company currently markets RFID microchips, scanners, and its proprietary PETtrac database to the companion animal market, as well as for tracking of animals in the wild, including endangered species endangered species, any plant or animal species whose ability to survive and reproduce has been jeopardized by human activities. In 1999 the U.S. government, in accordance with the U.S. . Through organic growth and acquisition, Advanced ID Corporation is positioned to enter and considerably impact several significant new markets. For more information please visit the Company's website at www.advancedid.ca. Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs, and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements. |
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