American Ammunition Completes Liquidation of Bank Debt.Business Editors MIAMI--(BUSINESS WIRE)--March 24, 2003 American Ammunition, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AAMI AAMI Association for the Advancement of Medical Instrumentation AAMI Age Associated Memory Impairment AAMI American Ammunition, Inc (stock symbol) AAMI Australian Associated Motor Insurers Limited AAMI African-American Male Initiative ) announced today it has completed the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of its $950,000.00 credit line. This credit extension was established in June 2001 and enabled the Company to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. . The payoff of the bank debt releases the assets from any and all liens and encumbrances. This should enable AAMI to seek out alternate sources of financing more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to it and thereby beneficial to investors. "From the start AAMI has stated that our three (3) point plan was to reduce debt, increase our customer base and diversify our product lines. We are very excited that we have completed phase one (1) and now are long term debt free," said Andres Fernandez, 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. . "In an environment where many businesses are strapped with excessive debt service we are pleased that we have had enough investor commitment to enable us to accomplish this objective. We will continue to pursue the balance of our plans." About American Ammunition, Inc. -- AAMI is an autonomous manufacturer of ammunition, with the technology and equipment to take advantage of the growing market. It has an excellent reputation within the industry. The ammunition industry has experienced a 28% average increase in revenues annually between 1991 through 1998, and the trend is expected to continue through the year 2005 and beyond. For further product information, please call 1-305-835-7400 or visit the website at: http://www.a-merc.com For Investor Relations Investor relations The process by which the corporation communicates with its investors. information, please call: 1-305-446-4800 or e-mail: CISintr@netscape.net. This release contains statements that constitute 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. . These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. |
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