Accident Prevention Plus Provides Details of Recent Form 8-K Filings
HAUPPAUGE, N.Y.--April 26, 2001--Accident Prevention Plus, Inc. (APP) (OTC BB:ACDP), a Long Island, New York-based developer and marketer of onboard computer recording systems, has announced that it has filed with the Securities and Exchange Commission a Form NT 10-K whereby notifying the SEC that the APP has not received the financial statements and certain necessary information from the Company's subsidiaries to complete its consolidated financial statements as well as complete its annual audit in a timely manner.
On April 16, 2001 APP filed an 8-K disclosing that the accountants for Accident Prevention Plus (UK) Limited, a private limited company organized under the laws of England and Wales, and the accountants for Accident Prevention Plus, France (SARL), a limited liability company organized under the laws of France, have not provided the respective financial statements and financial information to APP. APP requires additional time to properly prepare its consolidated financial statements and footnotes as well as complete its annual audit for the fiscal year ended December 31, 2000. As a result of this delay, the Common stock (ACDP) has received an "E" next to its trading symbol signifying the temporary delay in the filing of these statements.
Additionally, on April 20, 2001 APP has filed an 8-K with the SEC providing notification that the Company has reduced its debt. APP has received written authorization from certain convertible promissory note holders exercising the right of the holders to convert their notes into Common Stock of the Company. These conversions will result in the issuance of 675,660 shares of restricted Common Stock equating to a $979,707 in debt reduction. Additionally, the Company has reduced its bank debt to HSBC Bank by $365,898. In combination the Company has reduced its total liabilities by $1,345,645 or approximately twenty five percent (25%) of the outstanding debt, prior to such conversion and debt payment.
Also in the 8-K, the Company reported it has received a blanket purchase order from Intelligas, its Mexican Distributor. The total dollar value of the purchase order is $872,450 and is scheduled to be shipped over the next twelve months based on release schedules of the Distributor's clients. If delivered, and subject to all the usual contingencies of performance, this would represent the largest single purchase received by the Company from the Distributor.
About Accident Prevention Plus, Inc. (NASDAQ-OTC BB:ACDP)
APP develops, markets and sells a comprehensive line of onboard recording systems -- the APP1000, the APP2000 and the APP3000 (collectively called the "AP+ Series"). The AP+ Series includes a dual axis accelerometer, designed and developed by APP to measure the sway of a vehicle, and onboard systems that monitor and record data for accident prevention, driver training and evaluation, and maintenance operation for fleet vehicles.
Accident Prevention Plus is featured at TheStockAdvisor (www.thestockadvisor.com) and additional information can be obtained from http://www.thestockadvisor.com/032001acdpspotlight.htm and http://www.thestockadvisor.com/acdp.htm .
Statements made in this press release that are not historical or current facts are "forward-looking statements." The use of terms such as "may", "will", "expect", "believe", "anticipate", "estimate", "approximate", "target" or "continue", or the negative thereof can identify these statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond the control of the Company that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. These factors include adverse economic conditions in the Mexican Market, failure of distributors to meet their targets, and any other condition not specifically related to the operation of the Company. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.