Advanced Promotion Technologies secures short-term financing.POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla.--(BUSINESS WIRE)--Jan. 24, 1997--Advanced Promotion Technologies Inc. (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 :APTV APTV Azienda Provinciale Trasporti Verona (Italy) APTV Airport Public Transportation Vehicle ), developer and marketer of the Vision Value(tm) electronic marketing and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. network, Friday confirmed that it has secured its first external funding since it filed Chapter 11 on Aug. 15, 1996. Advanced Promotion Technologies Inc. received approval from its Official Committee of Unsecured Creditors and the 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. to accept post-petition financing from a group of existing investors. The company has received financing of $200,000 with the potential of an additional $200,000 within the next 15 days. The loan allows the company to continue operations in the near term while it pursues additional financing and develops its plan of reorganization. The company, the Creditor's Committee Creditor's committee A group representing firms that have claims on a company facing bankruptcy or extreme financial difficulty. and the lender have also reached an agreement in principle relative to the terms of the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. . The plan of reorganization is not finalized, although the parties foresee that the interests of existing common shareholders will, in all likelihood, be extinguished if the proposed plan is confirmed. Preferred shareholders may retain an interest in the company if the plan is approved although the terms of their participation, if any, have not been finalized. Advanced Promotion Technologies provides merchandising software and services to supermarkets for in-store promotion, financial services and target marketing through its Vision Value Network. The Vision Value Network is an interactive on-line electronic loyalty marketing network linked to existing point-of-sale scanning equipment in the supermarket checkout lane. Shopper data is collected and analyzed so that future shopping behavior may be changed based upon reward during and after the shopping experience. The ability to change shopping behavior offers a dramatic improvement to profits through increased purchase of high margin products and greater shopper loyalty to the retailer. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.apt.com. These symbols may not appear properly in some systems. CONTACT: Advanced Promotion Technologies Inc., Pompano Beach Mike Shanahan, 954/969-3000 http://www.apt.com |
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