Advanced Systems International Receives Petition From Court for Involuntary Relief Under Chapter 7 of Bankruptcy Code.Business Editors Advanced Systems International (OTBB: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 received a summons from the Eastern District of Michigan, United States Bankruptcy Court for relief under Chapter 7 in an involuntary case. As noted earlier, the Company has been seeking strategic alliances and potential capital investments for the last six months in order to supplement its operations and allow the Company to pay its debts on a timely basis. The Company retained Detroit-based Donnelly, Penman, French, Haggarty & Co. (DPFH DPFH Drug Policy Forum of Hawaii ), a full service banking firm and NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). registered broker dealer, which provides comprehensive merger and acquisition, capital raising and financial advisory services to both public and private companies. DPFH has been working with members of management and members of the Company's Finance Committee, who also have extensive capital raising experience, however the economic climate and conditions have not developed any viable short term financing solutions as of this date. The Company is currently negotiating with various parties in order to formulate a plan to allow the operations to continue, to develop a funding and operational plan, and to answer the impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. petitioners plea for relief. "Though not yet determined, Company management is investigating every possible solution in an attempt to correct the current situation," stated Gerry Pesut, 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. . 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 across the enterprise. Managers are provided the capability to track critical material, production process, inventory and labor data, in real-time, to support their cost efficient, streamlined, supply chain, order fulfillment and e-business initiatives. For more information on ADSN, visit out website at http://www.advsysintl.com. The Company's customers include market leaders such as: Daimler Chrysler (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: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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