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Advant-e Corporation Announces Debt Conversion
One Third of Principle Convertible Debt Exchanged for Restricted Stock
DAYTON, Ohio, Nov. 24 /PRNewswire-FirstCall/ -- Advant-e Corporation (BULLETIN
BOARD: AVEE) , a provider of Internet-based business-to-business electronic
commerce services, today announced that one of the largest investors in its 15%
convertible debt has opted to convert $250,000 into Advant-e common stock
according to the terms of the September 27, 2001 agreement at $1.06 per share.
Advant-e raised $775,000 with convertible debt offerings in 2001 and 2002 to
facilitate development and marketing of its Internet-based Business-to- Business
electronic commerce services. With the conversion of $250,000 into common stock
and the previous retirement of $25,000 in principle debt, the outstanding
principle balance of convertible debt is now $500,000.
Jason K. Wadzinski, President and CEO of Advant-e, stated, "We are pleased when
investors in our convertible debt decide to convert their debt into common
stock. We believe this decision is a huge vote of confidence in us and may be
based on our recent results and business plan moving forward. We will strive to
continue to improve our balance sheet in 2004 and retire debt whenever
possible."
Advant-e Corporation will be filing a registration statement on form SB-2 with
the Securities and Exchange Commission to register all of the shares associated
with the Company's convertible debt and warrants associated with the debt
offering in the near future.
About Advant-e Corporation
Advant-e, via its wholly owned and sole operating subsidiary Edict Systems,
Inc., is a provider of Business-to-Business electronic commerce software and
Internet-based applications specializing in Electronic Data Interchange (EDI)
and XML-based solutions for recurring transactions. Advant-e specializes in
horizontal transaction services via EnterpriseEC(R), an Internet-based
Electronic Business Transaction Network, and within specific vertical industries
via web-based "vortals" including http://www.groceryec.com/ ,
http://www.retailec.com/ , http://www.cpgsupplier.com/ ,
http://www.logisticsec.com/ , and http://www.mfgec.com/ .
In addition to Internet and web-based e-commerce solutions, Edict Systems also
provides e-commerce integration and bar coding applications via its
FORMULA_ONE(R) translation software and Bar Code Label Modules. Additional
information about Advant-e Corporation can be found at http://www.advant-e.com/
and http://www.edictsystems.com/ or by contacting investor relations at (937)
429-4288. The company's email is .
The information in this news release includes certain forward looking statements
that are based upon assumptions that in the future may prove not to have been
accurate and are subject to significant risks and uncertainties, including
statements to the future financial performance of the company. Although the
company believes that the expectations reflected in its forward looking
statements are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be correct. Factors that
could cause results to differ include, but are not limited to, successful
performance of internal plans, product development and acceptance, the impact of
competitive services and pricing, or general economic risks and uncertainties.
DATASOURCE: Advant-e Corporation
CONTACT: Investor Relations of Advant-e Corporation, +1-937-429-4288, or
.
Web site: http://www.advant-e.com/
http://www.edictsystems.com/