AmTrust Financial Services (Nasdaq:AFSI) announced today that a subsidiary, AMT Service Corporation, has entered into an agreement with Cyber-Test, Inc., a wholly owned subsidiary of Advanced Communications Technologies, Inc. (OTCBB:ADVC), a publicly owned company specializing in the consumer electronics segment of the reverse logistics industry, to provide certain diagnostic and repair services for extended service plans for laptop and desktop CPUs. AMT administers extended service plans including replacement programs, repair programs and accidental damage protection programs.
Cyber-Test offers a "first call resolution" service to customers, by which many customer questions and product issues are resolved by telephone, eliminating the need for the customer to ship the product to a testing and repair facility.
For product issues which cannot be resolved by telephone, customers will be directed to ship products directly to the Cyber-Test facility. Cyber-Test will test the product, make any covered repairs or replacement and return the product to the customer, generally, within six business days.
By entering into this Agreement with Cyber-Test, AMT expects to centralize product testing, repair and replacement and provide better service to its extended service plan customers.
Bruce Saulnier, president, AMT Service Corporation, stated, "This is a win-win situation for all that allows our clients to provide exceptional service to claimants, translating into better customer service and retention. This agreement will also enhance our ability to track the details of break/fix performance, and in turn, properly price our underwriting service provided by an affiliated AmTrust company."
About AMT Service Corporation
AMT Service Corporation administers a full suite of extended service plans, including replacement programs; repair programs; and accidental damage protection, which can be tailored to suit each client's needs.
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., headquartered in New York City, is a multinational specialty property and casualty holding company, which, through its insurance carriers, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile and general liability; extended service and warranty coverage. For more information about AmTrust, visit www.amtrustgroup.com, or call AmTrust toll-free at 866.203.3037.
Advanced Communications Technologies is a New York-based public holding company specializing in the technology aftermarket service and supply chain, known as reverse logistics. Its wholly owned subsidiary and principal operating unit, Encompass Group Affiliates, Inc. acquires and operates businesses that provide computer and electronics repair and end-of-lifecycle services and provides asset distribution and recovery services. Encompass owns Cyber-Test, Inc., an electronic equipment repair company based in Florida that provides board-level repair of technical products to third-party warranty companies, OEMs, national retailers and national office equipment dealers. Service options include advance exchange, depot repair, call center support, parts and warranty management for office equipment, fax machines, printers, scanners, laptop computers, monitors, CPU towers, and multi-function units including high-end consumer electronics such as PDAs and digital cameras. For more information, visit Cyber-Test's website at http://www.equipfix.com.
thx had a quick flip with BANY yesterday, still lots of dilution going on there imo take a look at the chart of PVNC, i like that one a lot
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Advanced Communications Signs Letters of Intent to Acquire Leading Businesses in the Reverse Logistics Industry; Combined, Companies to be Acquired Reported Over $100 Million in Revenue and Over $10 Million in EBITDA in Calendar '05
Date: July 20, 2006 06:38:00 AM
NEW YORK--(BUSINESS WIRE)--July 20, 2006--Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC), a New York-based company that, through its principal operating unit Encompass Group, specializes in the technology aftermarket service and supply chain known as reverse logistics, today announced that it has entered into letters of intent to acquire premier businesses in the reverse logistics industry. The businesses that Advanced Communications intends to acquire had, on a combined basis, in excess of $100 million in revenue and in excess of $10 million in EBITDA in calendar year 2005.
The acquisitions, which are expected to close by the end of the company's first quarter of fiscal 2007, are subject to the completion of due diligence, financing and audit examinations, all of which are currently in progress. The identities of the acquisition companies and further details will be disclosed upon execution of definitive agreements which is expected to be coincident with closing.
Once the acquisitions are completed, Advanced Communications expects to become a recognized leader in the reverse logistics industry, as it will be equipped to provide seamless and expanded parts distribution, electronic equipment repair, asset recovery, warranty management and depot exchange services to original equipment manufacturers (OEMs) and national retailers as direct customers, in addition to the services that the company currently provides to third party administrators (TPAs).
Wayne Danson, president and CEO of Advanced Communications said, "These businesses are synergistic with and accretive to Encompass' multi-million dollar service and repair business conducted through Cyber-Test. Collectively, Cyber-Test and the companies to be acquired are all dynamic, growing organizations with strong long-term relationships with top manufacturers in the electronics industry." Adding, "This is a major milestone for the company, as these established businesses have revenues in excess of $100 million with substantial net income."
Danson continued, "Our company will benefit from the experience and talent of these already successful management teams that are looking forward to joining our organization. These are strategic acquisitions from many perspectives, as it will expand our service offerings and blue-chip client base, allow us to capitalize on future opportunities, and add to our geographic presence in the U.S. Most importantly, we expect these acquisitions will transform Advanced Communications into a recognized leader in the reverse logistics industry. We intend to follow our management's philosophy of keeping each business as an independent, self-sustaining operating unit."
Lisa Welton, president and CEO of Cyber-Test stated, "Cyber-Test will immediately gain important contacts that will enhance the expansion of our business. We will also receive industry notoriety as well as benefit from an additional facility to operate in."
Danson closed with, "We remain focused on repositioning and ensuring that our stock price fairly reflects the true underlying value of our business through strong organic growth, service excellence, professionalism and dedication to providing top quality services to our customers."
Advanced Communications is a rapidly growing company committed to becoming a full-service national provider of repair, distribution, e-recycle, asset recovery and end of life cycle services to OEMs, retailers and institutions. The company recently reported revenue of $7,043,000 for the nine months ended March 31, 2006.
The company's website is currently under construction, as it is in the process of being redesigned to reflect the future company structure. The new website, under the same web address, is expected to be launched following the closing of the acquisitions.
About Advanced Communications Technologies
Advanced Communications is a New York-based company specializing in the technology aftermarket service and supply chain, known as reverse logistics. Its principal operating unit, Encompass Group, acquires businesses that provide computer and electronic repair services, and end-of-lifecycle and asset distribution services. Encompass owns Cyber-Test, an electronic equipment repair company that provides repair and reverse logistics services to third-party warranty companies that service OEMs, national retailers and national office equipment dealers. Cyber-Test's services include advance exchange, depot repair, call center support, parts and warranty management, repair of fax machines, printers, scanners, laptops, monitors and multi-function units, including PDAs and digital cameras. For more information, visit Cyber-Test's website at http://www.equipfix.com.
This release and oral statements made from time to time by the company's representatives concerning the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "should," "believes," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Many factors may cause actual results to differ from forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and others of which are not. Known risks and uncertainties include those identified from time to time in the reports filed by the company with the Securities and Exchange Commission, which should be considered together with any forward-looking statement. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements
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