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Microcap & Penny Stocks : AVCP. Advantage capital development
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From: Tadsamillionaire2/24/2005 5:37:49 PM
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Advantage Capital Development Corp. Eliminates Remaining Debt
Thursday February 24, 9:00 am ET
Company Converts Outstanding Notes into Preferred Stock and Receives Additional Institutional Investment
POMPANO BEACH, Fla., Feb. 24 /PRNewswire-FirstCall/ -- Advantage Capital Development Corp. (OTC Pink Sheets: AVCP - News) announced today that it has converted a $1 million convertible note with Cornell Capital Partners to shares of the Company's preferred stock. The company also reported that another institutional fund, Montgomery Equity Partners LP, has purchased $475,000 of the same preferred stock. The resultant transactions virtually eliminate all of the company's debt, while the Company's tangible net worth now exceeds $2 million.
"In just seven months we have taken a company that was in total disarray and completely cleaned up its balance sheet and created real value for its shareholders," said Jeffrey Sternberg, president and CEO of Advantage Capital Development Corp. "Our vastly improved financial situation provides us with the flexibility to continue our aggressive investment strategy within the parameters of a business development company."

The company also announced it has moved its corporate headquarters from Aventura, Fla. to Pompano Beach, Fla.
biz.yahoo.com
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