$1 MILLION PRIVATE PLACEMENT & DEBENTURE
ADVANCED SYSTEMS INTERNATIONAL CLOSES
$1 MILLION PRIVATE PLACEMENT & DEBENTURE
Southfield, MI - January 26, 1999 - Advanced Systems International ("ASI")(OTCBB: ADSN), a leading provider of enterprise software solutions, announced today the closing of its Private Placement of 1,600,000 shares at $0.625 per share for total gross proceeds of $1,000,000. Half the proceeds were raised from current shareholders and half were raised from new investors.
In addition, $375,000 of $400,000 Debentures were converted at $0.625 to common stock. ASI's largest shareholder, the Temple Group of Companies, subscribed for 10% of the current Private Placement and converted $292,000 of its interest in the Debenture.
Mark O'Donoghue, CEO of Temple Securities and a Director of ASI stated, "I continue to be excited about the near term growth potential of ASI. It boasts strong management, an existing client base of Fortune 500 companies and an aggressive Resellers Agreement with a multi-billion dollar Software Integration Company."
Gerry Pesut, President and CEO of ASI stated, "We now have the working
capital available to fund ASI's aggressive near-term growth plans. The
company can focus on two important areas. The first is to secure the
professional resources needed to support timely implementations for our new customers. In the second area, we are now able to develop the type of marketing campaign which will help build awareness of ASI's products and position the company as a leader in the potentially high-return Enterprise Resource Planning (ERP) marketplace."
Advanced Systems International is a leading supplier of time and attendance and labor allocation applications, as well as data distribution and access solutions for the Enterprise Resource Planning (ERP) environment. ASI's cost-effective, comprehensive product offering includes the application software, hardware, implementation services and on-going support necessary for rapid deployment of enterprise-wide distributed processing. ASI markets its products through direct sales and in conjunction with strategic partners and Value Added Resellers (VAR's).
Investor Relations:
Quentin Mai
Telephone: (248) 263-0000
Toll Free: (888) 399-7000
www.advsysintl.com
qmai@advsysintl.com
Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including but not limited to, risks of product non-approval or product development and market acceptance risks, the impact of competitive products and pricing, the results of current and future licensing and other collaborative relationships, the results of financing efforts, developments regarding intellectual property rights and litigation, and other risks identified in the Company's informational documents provided to brokers pursuant to SEC Rule 15c2-11. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
