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DATAWORLD SOLUTIONS, INC. ANNOUNCES FAVORABLE STRATEGIC RESTRUCTURING
HAUPPAUGE, NY - Sept 8, 2003 (Send2Press Newswire) -- DataWorld Solutions,
Inc. (Pink Sheets: DWLD) today announced an aggressive and favorable
turn-around plan designed to strengthen its capital base, increase
shareholder value, provide liquidity and allow the company to assume its
place as a leader in the telecom industry.
The company's Board has approved the ambitious six step plan to:
- Successfully negotiate short term financing
- Begin discussions with secured creditors to reposition debt
- Re-approach former partners and major shareholders to secure stock
- Secure new product lines
- Formation of an advisory board to assist management
- Re-invent the company's image due to the meltdown in the telecom industry
Daniel McPhee, CEO of DataWorld commented, "The first objective in our
restructuring will be to quickly conclude a negotiation for bridge
financing, so that we can successfully bring our filings up to date. Once
DataWorld becomes current with its filings, this bridge will also allow
for a re-application to the OTC Bulletin Board, where we can build
liquidity for our shareholders and investors. I am pleased to announce
that our initial efforts in these areas are being met with some success."
Mr. McPhee continued, "DataWorld is also negotiating with secured
creditors, former partners and major shareholders in order to re-organize
its balance sheet by repositioning debt and restructuring equity. There
has been conditional but favorable movement. Thus, we are confident that
once our financial statements become more balanced, shareholder value will
reflect these changes. Concurrently we are also negotiating to acquire
new product lines and business venues to quickly and strategically
reposition the company so that it may emerge sooner than many of its
competitors from the major recession in the telecom industry."
About DataWorld Solutions:
DataWorld Solutions, Inc. is a multi-regional manufacturer of electronic
cable assemblies used in providing connectivity solutions, which includes
systems integration, for customers operating a wide range of data systems.
This includes linking or connecting standard or proprietary electronic
devices and peripheral components from different vendors to provide
solutions for various customer requirements. DataWorld adds value by
providing connectivity solutions, which may include distributed sales for
passive components such as electronic connectors, electronic wire and
cable, cabinets and racks and patch panels, and active components,
including hubs, bridges, routers, gateways and modem.
Except for historical matter, the matters in this press release are
forward-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. The
forward-looking statements reflect assumptions, and involve risks and
uncertainties, which might affect DataWorld's business and prospects and
cause actual results to differ materially from these forward-looking
statements, which are detailed in DataWorld's public filings with the SEC.
Source of News:
DataWorld Solutions, Inc.
Stock Info on Yahoo!® Finance Pink Sheets: DWLD
New York Business Newswire
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