Advanced Lighting Solutions Shareholders Approve Recapitalization Plan.LAS VEGAS--(BUSINESS WIRE)--Aug. 5, 1999-- Approval Relieves Company of Debt - Paves Way For Expansion Plans The shareholders of Advanced Lighting Solutions, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AVLS AVLS Automatic Vehicle Location System AVLS Automatic Volume Limiting System (limits volume in headphones) AVLS Advanced Vertical Launching System (Navy missile ship cell) AVLS Automatic Volume Limiter System ), developer of the proprietary e-CAP advertising/display system, approved a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. plan that will eliminate the company's debt. The plan, approved at the company's shareholder meeting July 29, calls for the issuance of an additional 39.7 million shares of common stock in exchange for $750,000 of convertible notes. This will bring the Company' s total shares,options and warrants outstanding to just over 49 million. The company said that over 65 percent of the issued and outstanding shares were present or represented by proxy at the meeting. Of those present, 92.9 percent voted in favor of upon the side of; favorable to; for the advantage of. See also: favor the plan to issue new shares and to retire debt. "While we explored several other financing options, the issuance of additional common stock in exchange for these convertible notes was the only viable alternative left to eliminate the company's burdensome debt," said Advance Lighting Solutions President, Michael Orr. "This now permits us to seek the proper funding to move ahead with our business plan, including expanding the testing and beginning the national rollout of the e-Cap Advertising/display system." Advanced Lighting's e-CAP (electronic Changing Advertising Messages at the Point of sale) utilizes an advanced plasma screen flat panel display A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time and computer programing technology to deliver messages to customers as they enter retail stores. Messages on the AVLS displays are geared to stimulate and reinforce the sale of specific items within the store. Up to 14 ads are placed on the e-Cap display screen in a repeating loop of about one minute in total length. The company currently has test sites at various grocery store chains around the nation including Publix in South Florida. The company said that charter advertisers that join its national rollout of the technology will receive category exclusivity. Advanced Lighting Solutions, Inc. also manufactures, markets and distributes residential and commercial lighting products. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for 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. . Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.. |
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