Condor Technology Solutions' Debt Restructuring Approved.Business Editors/Hi-Tech Writers BALTIMORE--(BUSINESS WIRE)--Dec. 19, 2001 Condor Technology Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNDR CNDR Conductor (railroads) CNDR Consiliul National al Dizabilitatii din Romania (Romanian) ) today announced at its annual meeting of stockholders that the company's proposed debt restructuring Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: was approved, as contemplated by the company's new four-year credit facility. The restructuring with its Lender Group, led by First Union National Bank, provides for the conversion of approximately one-third of the company's bank debt and restructures the balance. The converted debt, in the form of a $12.1 million note, will be cancelled upon issuance of company equity to a trust established by the Lender Group. The meeting of stockholders also reelected Peter T. Garahan as a director of the company and appointed BDO Seidman BDO Seidman, LLP is the United States arm of BDO International, one of the largest accounting firms outside of the Big Four. History BDO Seidman, LLP was founded as Seidman and Seidman in New York City in 1910 by Maximillian L. Seidman. as the company's independent accountants. Condor Technology Solutions is a technology and communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. specializing in the organization, analysis and creative distribution of business information. The company's business practices include Web development, business intelligence, contact center services, infrastructure support and marketing communications Marketing communications (or marcom) are messages and related media used to communicate with a market. Those who practice advertising, branding, direct marketing, graphic design, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales . Condor Technology Solutions was founded in 1998. It is headquartered in Baltimore, Maryland, with offices and operations throughout the Northeast. The company's Web site is www.cndr.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statements in this press release that are not strictly historical are "forward looking" statements that are subject to risk and uncertainty. Factors that could cause actual results to differ materially include, but are not limited to, managing risks associated with client projects, competition, acquisitions, acquisition integration, retention of clients of acquired companies, attracting and retaining highly skilled employees, revenue and earnings assumptions based on assumptions about continued growth and margins, as well as other risks detailed in company reports filed with the Securities and Exchange Commission, including its prospectus, 10-K and 10-Q filings. |
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