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Microcap & Penny Stocks : ADSN - Advanced Systems International
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To: Curious Gamble who wrote (385)5/12/1999 6:22:00 PM
From: waldo   of 895
 
LIQUIDITY AND CAPITAL RESOURCES

The Company converted $674,900 of principal and accrued interest on
outstanding debentures into common stock in 1998.

During 1998 and early 1999, AdSys received an aggregate of
approximately $2.4 million from investors through equity sales made pursuant to
exemptions from registration. AdSys continues to offer shares on a
private-placement basis.

Beyond the ongoing placement efforts, AdSys seeks to generate
sufficient cash flow from operations to fund its anticipated short-term
liquidity needs. In addition, AdSys is currently seeking a line of credit
arrangement with a commercial bank to finance its accounts receivables, to
address liquidity needs pending customer payments. Although the Company believes
that these efforts will result in sufficient liquidity being available to AdSys
to meet its liquidity requirements, no assurance can be given that additional
sources will not be required. To take advantage of high growth in the Middleware
Industry, the Company plans to raise additional capital in the second half of
1999 in the debt or equity markets based on an acceptable strike price and
certain business conditions. Circumstances in which the Company would consider
raising

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additional capital include a desire for a stronger capital base, investment in
product development, acquisitions of companies with synergistic value, resource
procurement based on a definable implementation schedule or backlog, and/or
office space expansion.
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