Category: Uncategorized
- Published: 29 November -0001
FORT WALTON BEACH, Fla., Apr 01, 2004 - Spectrum Sciences and Software, Inc. (SPSC), announced today that it has generated significant cash reserves to allow the Company to completely eliminate its outstanding unsecured debt within the 2nd quarter of 2004.
Spectrum has been consistently reducing its debt through a combination of pay downs and restructuring agreements executed with its principal lender SouthTrust Bank. In the most recent restructuring announced in December 2003, the bank agreed to extend the terms on approximately $1.7 million of debt thereby reclassifying the obligation as long term, a more favorable structure. Spectrum continues to remain current with its obligations as well as maintaining its aggressive cost control program. The Company now has sufficient cash to eliminate all unsecured debt. This development, along with the board's approved sale of our 91 Hill Avenue facility, places the Company in a very strong financial position. Should it decide to do so, Spectrum could be debt free in the 2nd quarter or sooner.
"This announcement is a major milestone for Spectrum," commented William Ham, Spectrum's President and CEO. "We recently outlined our Strategic Initiatives for 2004 with the number one goal being continued financial success. The much improved financial situation is made possible through the dedication of our employees and the sound financial management practices of our Chief Financial Officer, Nancy Gontarek."
Ms. Gontarek stated, "We will now decide optimum utilization and allocation of our corporate resources in order to provide superior shareholder value. Upon the Board of Directors' approval, we anticipate a payment in the next few days to SouthTrust Bank of approximately $371,250 against our priority notes. This payment will eliminate 80% of the balance of those unsecured notes. The Company also anticipates accelerating the payments on several other outstanding notes while holding some monies in reserve to smooth out monthly cash flow issues and for new acquisitions." She goes on to state, "We have overcome some financial challenges and are confident that our positive momentum will carry on into the future."
Additionally, Spectrum Sciences and its new "Safe-Borders" program were featured in a front-page article by "Defense Today" newspaper. The article written by Richard Mullen stated "the Department of Homeland Security (DHS) and other federal agencies, want to get their hands on the product, and it's not even finished yet." Dave Heikkinen, Spectrums Director of Information Technology, stated in the article "Lot's of people are interested in it right now." For a copy of the article please contact Steve Cook at 1-800-368-5278 or This email address is being protected from spambots. You need JavaScript enabled to view it.. The "Safe-Borders program had an enormously successful debut at the governments FOSE show in Washington D.C. last week.
About Spectrum Sciences & Software Holdings Corp.
Spectrum Sciences & Software Holdings Corp. is highly focused on Homeland Security through the provision of full service, quality solutions to complex and diverse government initiatives. Spectrum is dedicated to providing innovative, dependable and cost-effective products and services to a broad range of government customers and is headquartered in Fort Walton Beach, Florida. Founded in 1982, the company currently has over 130 employees. Primary markets include engineering services, operation, maintenance, information technology and manufacturing. Spectrum provides and maintains Software Model Development and Safety Footprint Development to the United States Air Force, the United States Army, the United States Navy and many of our allied nations. Spectrum also operates and manages the largest air-to-ground bombing range in the United States, located in Gila Bend, Arizona. The Information Technology Division provides a full range of IT services including web site development and hosting, software development and GIS services. The company's manufacturing division is ISO 9001/2000-qualified and provides a broad array of services for both commercial and Department of Defense customers. The company has, or has had, contracts with the United States Air Force, including the Air Combat Command (ACC), the Air Force Reserve Command (AFRC); the Air Force Special Operations Command (AFSOC); the Air National Guard (ANG); the Department of Navy, including United States Navy (USN); United States Marine Corps (USMC); the Royal Australian Air Force (RAAF); the Royal Air Force (RAF) and the German Air Force (GAF). To find out more about Spectrum, visit our website at http://www.specsci.com.
Cautionary Statement and Advertorial Disclaimer
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE: Spectrum Sciences and Software, Inc.
Contact:
Spectrum Sciences and Software, Inc.,
Fort Walton Beach, Fla.
Steve Cook, 800-368-5278
This email address is being protected from spambots. You need JavaScript enabled to view it.
http://www.specsci.com
