QSGI, Inc.(fka QSGI)

[Essence Of Wealth]

QSGI~Q doesn't
need a r/s (and you know it). QSGI~Q already made it all the way from $0.0001 to .058 (which is 579,900%) in less than Eight Months without one and with no R/M (yet).
AND BTW, for QSGI~Q/ KruseCom to reach $7.00 PPS from it's current PPS of $0.265 would only take 2,542% which is a pretty small percentage compared to QSGI~Q going from $0.0001 to $0.58 or 579,900% which it did in less than Eight Months.


QSGI Emerging From Chapter 11 Reorganization
http://ih.advfn.com/p.php?pid=nmona&article=47006033

QSGI, Inc. announced that on March 21, 2011 its Plan of Reorganization (the "Plan") was confirmed by the U.S. Bankruptcy Court, Southern District of Florida, West Palm Beach. The final order confirming the plan will be recorded as early as today. As part of the Plan, QSGI will merge with KruseCom in a stock-for-stock transaction and is expecting to emerge from bankruptcy in approximately 60 days. Under the plan, stockholders retained their common shares.

According to Marc Sherman who serves as Chairman and CEO of QSGI, Inc., "The combination of QSGI with its restructured balance sheet and ties to large customers and investment markets and KruseCom with a profitable operation in a corollary business, deep management strength and strong balance sheet will provide a great launching pad to capitalize on the fragmented information technology services market."

About QSGI, Inc.:
QSGI Inc operates as a technology service provider, offering a full suite life-cycle for its corporate and government clients' entire information technology platform. On July 2, 2009, QSGI, Inc., along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Florida.

KruseCom, LLC Summary:
Founded in September of 2009, KruseCom offers comprehensive solutions for I.T. Asset Management. KruseCom's specialties include Secure and Certified Onsite Data Erasure, Data Center Maintenance, and End-of-Lifecycle Services for everything in Information Technology

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Form 8-K for QSGI INC.
24-Mar-2011
http://biz.yahoo.com/e/110324/qsgiq.pk8-k.html

Bankruptcy or Receivership

Item 1.03 Bankruptcy or Receivership.
On July 2, 2009, QSGI INC. and following subsidiaries Qualtech Services Group, Inc. and QSGI-CCSI, INC. (collectively, the "Company") Boards of Directors authorized the Company to file a voluntary petition to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Florida. The case was filed on July 2, 2009. The Company believed these actions will allow the Company to continue some operations while it works to restructure its financial obligations and restructure operations.

On January 31, 2011, the Board of Directors of QSGI, INC. unanimously approved the Third Amended Plan of Reorganization and Disclosure Statement (the "Plan") to be filed in the United States Bankruptcy Court Southern District of Florida, West Palm Beach Division. This was filed on February 1, 2011.

On February 2, 2011, the United States Bankruptcy Court Southern District of Florida, West Palm Beach Division issued an order approving the Disclosure Statement, setting hearing on confirmation of Plan, setting hearing on fee applications, setting various deadlines, and describing Plan proponent's obligations.

On March 21, 2011 the United States Bankruptcy Court Southern District of Florida, West Palm Beach Division had a hearing to consider confirmation of the Debtors' Third Amended Plan of Reorganization (D.E. # 384) under Chapter 11 of the Bankruptcy Code filed by QSGI, INC., QSGI-CCSI, INC. and QUALTECH SERVICES GROUP, INC., and dated February 1, 2011 and confirmed the Plan. The debtors are waiting entry of the confirmation order by the Judge.

The reorganized Debtor anticipates that it will likely emerge from Chapter 11 following the May 26, 2011 status conference with the United States Bankruptcy Court Southern District of Florida, West Palm Beach Division. Although Debtors' anticipate that all conditions that the Debtors must satisfy before the Effective Date, other than the passage of time, will have been satisfied, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective.

The following is a summary of the material terms of the Plan. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan which can be found at www.qsgiinc.com

Plan of Reorganization
The Plan provides for, among other things, a restructuring of pre-petition debt, as follows (i) distribution of $50,000 and issuance of 10,000,000 common shares in the reorganized debtor for the extinguishment of unsecured indebtedness;
(ii) extinguishment of one $10,159,000 unsecured claim in consideration for the confirmation of a Plan of Reorganization; (iii) issuance of 425,000 common shares for the extinguishment of $4,216,000 in redeemable convertible preferred stock; (iv) assumption of one $150,000 contingent secured claim bearing interest at 8% per annum and being paid over 8 installments beginning 120 days after confirmation; (v) assumption of note for bankruptcy legal expenses in the amount of $61,673, bearing interest at 8% per annum and being paid over 8 installments beginning 120 days after Plan confirmation; (vi) the right to issue 3,524,000 common shares in exchange for legal services related to the Plan of reorganization; (vii) issuance of 190,000,000 common shares in consideration for the merger of KruseCom; (viii) reservation of 10,000,000 shares to be issued by the reorganized debtor for working capital; (ix) reservation of 2,250,000 shares to be issued by the reorganized debtor to key third parties. All outstanding shares of the Company's common stock will remain issued and outstanding at and after the Effective Date.
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Huge amount of DD in the QSGIQ iBox/Intro Message!

QSGI, Inc.
http://www.qsgiinc.com/

KruseCom
http://www.krusecom.com/


JMHO
Essence of Wealth