Advanced Systems International Announces Successful Negotiation of Debenture Agreement.Business Editors SOUTHFIELD, Mich.--(BUSINESS WIRE)--April 2, 2002 Advanced Systems International, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BB ADSN ADSN Accounting & Disbursing Station Symbol Number ADSN Anti-Discrimination Support Network ADSN Accounting Disbursing Station Number ADSN Accounting and Disbursing Symbol Number ), today announced that the Company has successfully negotiated the extension of the maturity of their $1.2 million debentures to March 2003, thereby correcting the $560,000 debenture default announced on January 11, 2002. The debentures continue to accrue interest at 12% per annum and the extension also included the issuance of shares of common stock to the debenture holders and others. This negotiation of prior indebtedness is part of a larger funding project, which includes the sale of senior debentures. About Advanced Systems International Advanced Systems International is a supplier of application software for the e-business information market. The Southfield, Mich.-based company offers a broad range of high-end workforce management systems and application software for the transparent collection and distribution of business data across the enterprise. Managers are provided the capability to track critical material, production process, inventory and labor data, in real-time, to support their e-business initiatives that are focused on cost reduction and operational efficiencies. For more information on ADSN, visit our web site at http://www.advsysintl.com. The Company's customers include market leaders such as: DaimlerChrysler (NYSE NYSE See: New York Stock Exchange :DCX), Continental Airlines (NYSE:CAL), Johnson Controls (NYSE:JCI), HJ Heinz (NYSE:HNZ), Dana Corporation (NYSE:DCN), Sara Lee (NYSE:SLE SLE systemic lupus erythematosus. SLE abbr. systemic lupus erythematosus Systemic lupus erythematosus (SLE) ), Lear Corporation (NYSE:LEA), Rolls-Royce (LSE LSE - Language Sensitive Editor :RR), Volvo (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :VOLVY) and Imperial Tobacco. In conjunction with the provisions of the "Safe Harbor" section of 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, this news release may contain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectations. Further information on potential factors that could affect Advanced Systems International, Inc. is included in the company's Form 10KSB filed with the Securities and Exchange Commission. |
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