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http://www.encompassgroup.com/
Transfer Agent Contact Info:
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Ph#(212) 936-5100
March 24, 2009 08:30 AM Eastern Daylight Time
Encompass Group Announces the Repurchase of 3 Billion Shares of Its Common Stock
NEW YORK--(BUSINESS WIRE)--Encompass Group Affiliates, Inc. (OTC Bulletin Board: ECGA), the nation’s largest distributor of consumer electronics parts and a leader in the consumer electronics reverse logistics industry today announced that its Board of Directors has approved the repurchase of 3 billion shares of its common stock from an institutional holder at a purchase price of $.0001 per share or $300,000 in the aggregate.
The repurchase was completed yesterday, March 23, 2009.
Wayne I. Danson, Encompass Group’s President and Chief Executive officer explained “The shares we acquired yesterday represent approximately 18% of the current outstanding shares before dilution for our preferred stock or 2.7% after dilution for our preferred stock. We feel that the Company’s acquisition of these shares, given current market conditions, will benefit our public shareholders’ overall value.
Simultaneously with the above, the Company was required to and obtained the consent of its secured lenders to repurchase the shares by agreeing to make a principal payment of the senior notes by an amount equal to the purchase price of the stock.
About Encompass Group Affiliates, Inc.
Encompass Group Affiliates, Inc. (OTC Bulletin Board: ECGA), is a New York-based company that specializes in the consumer electronic aftermarket service and supply chain, known as reverse logistics. Encompass Group through its wholly-owned subsidiary, Encompass Parts Distribution, Inc. acquires and operates businesses that provide computer and electronic repair services, parts distribution and asset management services. Encompass Group addresses the full scope of this multi-billion market – including the end-user driven product support and repair industry, as well as the manufacturer-driven recovery and e-Waste industry. Through its three operating subsidiaries – Vance Baldwin, Tritronics and Cyber-Test – Encompass Group provides single-source lifecycle management services for technology products, currently in the North American market, with accelerating growth towards a global presence. The Company’s market position is based on its distinctive ability to provide single-point, comprehensive lifecycle service on a competitive basis. For more information about Encompass Group Affiliates, Inc visit our website at http://www.encompass.com
Encompass Parts Distribution, Inc. is comprised of the former number two (Vance Baldwin) and number three (Tritronics) parts distributors in the U.S., to create the country’s largest distributor of consumer electronic parts and accessories. Most important, Encompass maintains the heritage of focused expertise and personalized service exemplified by both legacy brands. With warehouses in Florida, Georgia, Maryland and Las Vegas, Encompass distributes both new and certified reclaimed parts for more than 150 brands of consumer electronics, computers, printers and office equipment. The company also provides service aids and industrial products such as cable, tools, test equipment, cleaners and other installation equipment. For more information about Encompass Parts Distribution, Inc visit our website at http://www.encompassparts.com
Encompass Service Solutions is comprised of a primary electronic equipment repair center in Orlando Florida, as well as a network of sophisticated repair facilities in Georgia, South Florida, and Las Vegas. With 22 years of industry leadership, the company specializes in the repair and advanced exchange of consumer and office electronic equipment, providing board-level and whole-unit repair to third-party warranty companies, OEMs, national retailers and national office equipment dealers. Encompass Service Solutions offers Level II and Level III call center technical support, service contract administration and support, and asset recovery programs.
| Encompass Group Buys Tritronics |
(financialwire.net via COMTEX) -- August 4, 2008 (FinancialWire) Encompass Group Affiliates, Inc. (OTCBB: ECGA) (Current Market Cap: US$2.03 Mil.) has completed the acquisition of privately held Tritronics Inc. Tritronics distributes consumer electronic replacement parts and accessories to independent service dealers and OEM authorized service centers throughout the United States and Mexico. The company has operations in Baltimore and Miami. Encompass acquired all of the outstanding equity interests in Tritronics in exchange for consideration consisting of $9 million in cash, a subordinated promissory note in the principal amount of $1 million and an equity interest in the company in the form of around 2.8 billion restricted shares of common stock. The acquisition and related transaction costs were financed from the issuance of series B subordinated notes from Encompass' existing lending sources and the sale of around $4.2 million of series E redeemable non-convertible preferred stock to certain of the company's existing investors, principally to an affiliate of H.I.G. Capital. For the fiscal year ended April 30, Tritronics recorded sales revenue of around $21.8 million. New York-based Encompass Group Affiliates specializes in the consumer electronic aftermarket service and supply chain, known as reverse logistics. Encompass Group Affiliates acquires businesses that provide computer and electronic repair services, parts distribution and asset management services. FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available athttp://www.financialwire.net Please address any inquiries to feedback@financialwire.net . Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
URL: http://www.financialwire.net |
CONTACT: Advanced Communications Technologies, Inc.
Wayne I. Danson, 646-227-1822
Chief Executive Officer
or
John E. Donahue, Chief Financial Officer
646-227-1600
Investor inquires may be addressed by calling ACT's corporate offices at 646-227-1600.
<a href='
http://stockcharts.com/h-sc/ui?s=ecga
Yahoo Finance
http://finance.yahoo.com/q?s=advc.ob'
http://finance.yahoo.com/q?s=advc.ob</a'
Company overview
ACT's wholly owned subsidiary and principal operating unit, Encompass Group Affiliates, Inc. acquires businesses that provide computer and electronics repair services and end-of-lifecycle and asset distribution 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, returns management, depot repair, call center support, end of life cycle, parts and warranty management for office equipment, fax machines, printers, scanners, laptop computers, monitors and multi-function units, including high-end consumer electronics such as PDAs and digital cameras.
Our Growth Strategy: Integrated Life Cycle Services For Technology Products
It is our strategy to acquire, integrate and grow complementary companies with significant growth-potential in the reverse logistics field that will provide our customers and end users with an extended life for their technology products, and a means of replacing their products cost effectively and in accordance with the legal and ethical responsibility to recycle their products without damaging the environment.
It is our expectation that our acquisition strategy combined with Cyber-Test's highly skilled technicians and blue-chip customer base will transform Advanced Communications into a leading, full-service national provider of repair, distribution,
e-recycle, asset recovery and end of life cycle services to OEMs, retailers and institutions nationwide.
Executive Management Team:
Our growth and recent milestone achievements are attributed to the vision, expertise and perseverance of our management team: Wayne Danson, President and CEO of ACT; and Lisa Welton, President and CEO of Cyber-Test, EVP of Encompass. These key executives have more than 50 years of combined experience in successfully growing, operating and managing companies.
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http://www.pinksheets.com/pink/quote/quote.jsp?symbol=ecga
Subsidiaries of
http://www.equipfix.com/</a</a'
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Cyber-Test is proud to be one of America's premier large volume repair & refurbishment management companies. Specializing in all brands and models of printers, facsimile & multifunction units, scanners, monitors, laptops, PDAs, Blackberry handhelds & gaming equipment; Cyber-Test is your answer for any service need.
Established in 1986, Cyber-Test began as an electronic engineering firm, specializing in building prototype test beds for the testing of printed circuit boards. Identifying a need in the office equipment circuit board repair industry, Cyber-Test soon changed direction from the defense public sector to servicing office equipment dealers nationwide.
Establishing a core business of more than 5,000 dealers nationwide, Cyber-Test grew from circuit board repair to offering a full line of products and services to support dealers..parts sales, entire unit repair, sub-assembly repair, board repair, exchange and technical support..just some of the items offered to dealers.
In early 1994, Cyber-Test began OEM programs to assist with product repair and logistics for warranty and post-warranty repair programs. Cyber-Test can support office equipment, computer peripherals and other products in any phase of the product life cycle.
Advanced Communications Announces Record-Breaking Revenue for Subsidiary Cyber-Test
via COMTEX
October 2, 2007 10/2/07 9:15:01 AM
NEW YORK, Oct 02, 2007 (BUSINESS WIRE) --
Advanced Communications Technologies, Inc. (OTCBB:ADVC), a vertically integrated reverse logistics holding company, announced today that its wholly owned consumer electronics depot repair and service subsidiary Cyber-Test, Inc. reported record-breaking revenue for August 2007. With revenue topping out at approximately $1.2 million for the month of August and growing, Cyber-Test is on track for a record-breaking year in fiscal 2008.
"Cyber-Test specializes in the repair and exchange of consumer electronics such as printers, laptop computers, fax machines, flat panel monitors, personal digital assistants (PDAs), iPods(TM), GPS's and other consumer electronics," said Lisa Welton, president of Cyber-Test. "With the average family now owning at least one computer system in their home in addition to PDAs, iPods and flat panel TV's in many rooms, we know this market is going to continue to explode with the onset of faster, more cost effective technologies."
Steven Miller, Chief Operating Officer of Advanced Communication stated, "I expect this to be the first of several record breaking months for Cyber-Test as they diversify into new product verticals. Miller added, "Cyber-Test is expanding its infrastructure into its sister company Vance Baldwin by opening a specialized repair shop within Vance Baldwin's Atlanta facility."
Wayne Danson, President and Chief Executive Officer of Advanced Communications said, "Cyber-Test continues to perform exceptionally well and attract new business because of its program of service excellence in delivering timely and cost-effective services to its customers." Danson added, "With the addition of Vance to our business platform, we are now able to provide new repair services across a broader spectrum of products, which will help drive stronger margins and net profits."
In business since 1986, Cyber-Test is one of the nation's leading repair depots specializing in the repair and exchange of consumer electronics and computer peripheral products. The company continues to expand its product lines, increase its customer base and offer specialized services to original equipment manufacturers, third-party administrators and dealers. Cyber-Test's ever-evolving menu of services and varied product support has led to a continued increase in business.
Business Hours: Monday-Friday 9am - 6pm Eastern
Telephone number: 1-800-881-3344
Address: 448 Commerce Way
Suite 100
Longwood, FL 32750
ENCOMPASS GROUP AFFILIATES, INC., NEW YORK, NY (Encompass) is our principle operating company, and the parent company of Cyber Test. Based in New York, Encompass is the principle operating company of Advanced Communications Technologies, Inc. Encompass seeks to acquire companies which complement its charter to become a leader in integrated technology and services and then to instill sustainable growth skills as a core competency of each entity. In 2004, Encompass acquired Cyber Test, plus exclusive licenses to selected technology assets
