DAYTON, Ohio, Jan. 13 /PRNewswire-FirstCall/ -- Advant-e
Corporation (OTC Bulletin Board: ADVC - News),
a leading provider of Internet-based business-to- business
electronic commerce services, announced today that a significant
portion of the Company's convertible subordinated debt has
been eliminated via a combination of debt conversion and payments.
Advant-e raised $775,000 with convertible debt offerings in
2001 and 2002 to facilitate the development and marketing
of its Internet-based Business-to- Business electronic commerce
services with $525,000 of 15% and $250,000 of 10% convertible
debt.
Of the 15% convertible debt, $355,000 has been converted into common stock at $1.06 per share and $120,000 has been paid leaving $50,000 due in 2004. All of the 10% convertible debt has been converted into common stock at $1.10 per share.
In addition to the debt reduction, the Company also paid over $200,000 of interest on the notes in 2003. Approximately $108,000 of interest was charged to expense in calendar year 2003.
Jason K. Wadzinski, President and CEO of Advant-e, stated, "I am extremely pleased that our outstanding debt has been greatly reduced and I welcome those who converted their debt as new shareholders of Advant-e Corporation. Our balance sheet going forward is much stronger and the significant reduction of interest payments will benefit our earnings in 2004."
Advant-e Corporation filed on December 1, 2003 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.
The registration statement is not effective as of the date
of this press release.
Additional information about Advant-e Corporation can be found at www.Advant-e.com and www.edictsystems.com or by contacting investor relations at (937) 429-4288. The company's email is info@edictsystems.com.