Advanced
Electronic Support Products, Inc.
Miami, Florida, March 26,
2002 - Advanced Electronic Support Products, Inc. (NASDAQ: AESP) today announced that it has
received a waiver from its senior lender of its previously announced financial
covenant violations at December 31, 2001. In connection with obtaining such
waiver, the Company agreed to increase the interest
rate payable on its line of credit by one-half percent (.5%), bringing the
interest rate on the line of credit to prime plus one percent (1%).
The
Company also reported that it will announce its 2001 results of operations by
the end of March 2002.
Advanced Electronic Support Products, Inc. designs, manufactures, markets and distributes network connectivity products under the brand name Signamax™ Connectivity Systems as well as customized solutions for original equipment manufacturers worldwide. The Company offers a complete line of active networking and premise cabling products for copper and fiber optic based networks, as well as computer connectivity products.
Safe Harbor Disclosure under
the 1995 Securities Litigation Reform Act.
This news release contains forward-looking statements, which involve risks and uncertainties. The Company’s actual future results could differ materially from the results anticipated herein. For information regarding factors that could impact the Company’s future performance, see the Company’s future filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-KSB for 2000.
Signamax is a trademark of Advanced Electronic Support Products, Inc. in the United States and/or other countries.
For further information, please contact:
Slav Stein, President & CEO
Roman Briskin, Executive Vice President
Roy D. Rafalco, Chief Financial Officer
Advanced Electronic
Support Products, Inc.
1810 NE 144 Street (305) 944-7710
North Miami, Florida 33131