Advanced Optics Electronics Inc. Discloses Additional Financial Restructuring; All Long- & Short-Term Bank Debt to Be Paid Off.Business Editors ALBUQUERQUE, N.M.--(BUSINESS WIRE)--May 13, 2003 Advanced Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study Electronics Inc. ("ADOT ADOT Arizona Department Of Transportation ADOT Alaska Department of Transportation ADOT Fédération des Associations pour le Don d'Organes et de Tissus Humains ADOT Active Duty Other Than Training ADOT Automatic Digital Optical Tracker ADOT Advanced Display Optimization Tools ") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ADOT) has re-affirmed its plans to eliminate all bank debt on or before the end of this year. Stage one of the financial restructuring is now complete and the combined total of all bank debt, both long term and short term now stands in the low five figures. Management has proposed a plan to the board of directors, whereby this goal will be achieved by the close of ADOT's third quarter of 2003. The company's restructuring program, incorporating the foregoing elimination of all long- and short-term bank debt provides for reduction of its outstanding debentures and modifying the asset portion of the company's balance sheet by reflecting the market valuation of its holdings in Biomoda Inc. The repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. by the company of its common shares, both in the open market and by private sales will also contribute to the overall restructuring. In order to remain in full compliance with all elements of the Sarbanes-Oxley bill, which became law in the last part of 2002, the company will be adding one or more directors with the goal in mind to further broaden both the depth and breath of experience on the board. Biomoda Inc., briefly discussed above, 18.4 percent owned by Advanced Optics Electronics Inc., is continuing the processing of its SB-2 filing with the SEC and anticipates the completion thereof in the near future which will mark the effective release of its SB-2 for investor participation. Advanced Optics Electronics Inc. is scheduling the filing of its 10Q covering the first quarter of 2003 to be completed on May 14. Advanced Optics Electronics Inc. is a technology company based in Albuquerque. The company maintains an R&D facility and manufacturing plant, and is engaged in building large-scale flat panel displays 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 utilizing its patented and patent-pending technology. In addition to the core business of ADOT, the company has made a strategic technology oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. investment in Biomoda Inc. Biomoda Inc. (non public) is a company that holds patents and patents pending domestically and internationally for the early detection of lung cancer lung cancer, cancer that originates in the tissues of the lungs. Lung cancer is the leading cause of cancer death in the United States in both men and women. Like other cancers, lung cancer occurs after repeated insults to the genetic material of the cell. . ADOT currently holds approximately 18.5 percent of Biomoda Inc. This news release contains 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. that involve a high degree of risk and uncertainty. Such statements include, but are not limited to, statements containing the words "believes," "anticipates," "expects," "estimates," and words of similar import. The company's actual results could differ materially from any forward-looking statements, which reflect management's opinions only as of the date of this report, as a result of risks and uncertainties that exist in our operation, development efforts and business environment. The company undertakes no obligation to revise or publicly release the results of any revisions to these forward-looking statements. You should carefully reviews the risk factors in other documents that the company files from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . Contact Advanced Optics Electronics, Inc. at 505/797-7878 or visit their Web site at www.adotsite.com. |
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