American Commerce Solutions, Inc. Releases Preliminary Year-End Results
BARTOW, Fla., May 19, 2005 -- American Commerce Solutions, Inc. (BULLETIN BOARD: AACS) today released preliminary year-end results.
Daniel L. Hefner, President and Chief Executive Officer, made the following prepared statement: "American Commerce Solutions, Inc. will file its Form 10KSB within the next few days. Today we are releasing preliminary results. Consolidated revenue for ACS for the period ending February 28, 2005 was $2,753,633, up 32% when compared to last year. Gross profit increased to $853,656 from $758,715. Decreases were recorded in interest expense, selling, general and administrative expenses. Although ACS again recorded a loss, the losses were reduced by 22.2%. This report follows a prior preliminary announcement that ACS subsidiary, International Machine, had achieved cash flow positive status for the year. We are encouraged by these results as indicators that we have turned a corner. The 10KSB is currently being prepared for filing early next week."
Departing from his prepared notes, Hefner noted that in addition to the improved financials, the balance sheet of ACS continues to be a source of value to their shareholders. He noted that current negotiations with existing note holders are expected to produce substantial additional balance sheet improvement.
The American Commerce Solutions, Inc. website ( http://www.aacssymbol.com/ ) can provide details and contacts for the company, as well as wholly owned subsidiary, International Machine and Welding, Inc.
Chariot Manufacturing Company, Inc., also wholly owned by ACS, has its own website at http://www.chariot-trailers.com/ .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause results to differ materially from those expressed in the forward- looking statements, including, but not limited to, certain delays and risks detailed from time to time in the company's filings with the Securities and Exchange Commission.