Bill H, Heres an Easy to read Press Release for those who do their own due diligence
AUDRE ANNOUNCES SOFTWARE
PURCHASE BY GENERAL DYNAMICS
AND DEBT CONVERSION TO EQUITY
ESCONDIDO, CALIFORNIA, APRIL 20, 1999 - AUDRE Recognition Systems Inc. (
www.audre.com ; OTC Pink Sheet: ADRE ), reported today receipt of a 'Master License'
purchase of 300 copies of AUDRE's 'Automatic Choice' software, from General Dynamics
Corporation. The $ 3 million dollar purchase will be initially used by the General Dynamics Land
Systems Division in Warren Michigan to facilitate conversion of documentation from the Abrams
Tank System into compliance with the OSD (Office of the Secretary of Defense) mandated
paperless contracting environment.
"AUDRE's UNIX and Microsoft NT 'Automatic Choice' software will be used in the process of
transforming selected original paper drawings of the Abrams Tank System into a 3-dimensional
computer data model, so that they will be able to be maintained during their life cycle within
computer logistical, design and manufacturing systems. This project has been put in place to
contribute to the Department of Defense's automation engineering and modernization program. It is
the intent of the Automated Data Conversion Program Office within OSD to implement simulation
models of major weapon systems so that rapid prototyping and computer-aided engineering systems
can be utilized for the greatest economization of both time and money", stated Tom Casey,
AUDRE's Chief Executive Officer.
Additionally, the company has provided the United States Bankruptcy Court, Southern District of
California, with signed confirmations from convertible note holders indicating their willingness to
convert their claims to stock in the reorganized debtor at a rate of $0.25 per share. The note holders
represent more than $900,000 of the Company's debt. The company has already received Court
approval in the conversion of another creditor's unsecured claims of more than $125,000 at a rate of
$0.25 per share and the approval for the conversion of creditor's secured claims of more than $
3,360,000 at a rate of $0.20 per share.
On March 1, 1999, the Bankruptcy Court approved the retention of Luce, Forward, Hamilton &
Scripps, LLP to represent the Company in its Chapter 11 reorganization. The Company has also
applied for the retention of Levitz, Zacks and Ciceric as its accountancy firm. It is the intention of the
Company to file a plan of reorganization within 90 days.
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