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Finally, and in regard to the previously announced planned dividend of ANYT Common Stock, MediaTechnics is continuing the process of converting almost all of its outstanding liabilities to equity, a development that will have the two fold benefit of increasing shareholder value and enabling the distribution of the ANYT Stock.
Rick Wilson, MediaTechnics CEO, stated, "We are working diligently to complete this process and we intend to announce a new record date once the outstanding debt is fully settled, and expect to commence the distribution of a dividend of ANYT shares as soon as is practical."
He continued, "We have reached an agreement with our affiliated debt holders to convert over $515,000 in debt to equity and a tentative agreement with a debenture holder under which the holder has agreed to convert more than $525,000 in debt to equity as well. These two developments, when concluded will have the effect of erasing more than 72% of our current negative equity."
We are also actively working to negotiate settlements of most all of our other outstanding debt and we anticipate a successful conclusion to all negotiations prior to, or very soon after, the end of the current quarter. Management believes that the effect on our balance sheet of settling all, or most of, our outstanding debt will be the elimination of our current Stockholder Deficit, with positive book value taking its place.
About MediaTechnics Corporation
MediaTechnics Corporation (www.MediaTechnicscorporation.com) is the parent company of, and operates through, MediaTechnics Systems Inc. (www.MediaTechnics.com).
Notes about forward-looking statements
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties.
Certain Statements contained in this release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied.
Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "may," "should" and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date when they are made.
CONTACT: Investor Relations (732) 475-2437
SOURCE: MediaTechnics Corporation
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