Microsoft Word 10.0.2627; EXHIBIT 99.1
CONTACT: Elan Yaish
Chief Financial Officer
Telephone: (631) 951-7060
Fax: (631) 951-7639
Email: eyaish@mecnet.com
MANCHESTER TECHNOLOGIES ANNOUNCES FILING OF FORM 12b-25 FOR ITS QUARTERLY REPORT
ON FORM 10Q FOR THE PERIOD ENDED APRIL 30, 2004
HAUPPAUGE, NY, June 14, 2004 - Manchester Technologies, Inc. (Nasdaq NM: MANC),
which, through its wholly owned subsidiary Electrograph Systems, Inc., is a
leading provider of display technology products, today announced that it has
filed a Form 12b-25 "Notification of Late Filing" with the Securities and
Exchange Commission with respect to its Quarterly Report on Form 10-Q for the
three months ended April 30, 2004. On May 28, 2004, the Company sold its
information technology fulfillment, professional services, and enterprise
software development and operations consulting businesses to ePlus, inc. (the
"Transaction"). The Company is unable to timely file its 10-Q due to the
additional time needed to complete preparation of its financial statements to
reflect discontinued operations in the April 30, 2004 financial statements and
to provide all of the required disclosures necessitated by the Transaction. The
Company anticipates that the Form 10-Q will be filed no later than the
expiration of the five calendar day extension period obtained by filing the Form
Rule 12b-25.
About Manchester Technologies, Inc.
Manchester Technologies, Inc. is a single-source solutions provider specializing
in display technology solutions. Manchester offers a complete line of products
and peripherals for customers' display technology requirements. More information
about the Company can be obtained by visiting the Company's websites located at
http://www.emanchester.com and http://www.electrograph.com.
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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This press release includes information that may constitute
forward-looking statements within the meaning of the federal securities laws.
All statements other than statements of historical fact, including, without
limitation, those with respect to Manchester Technologies, Inc.'s objectives,
plans and strategies set forth herein and those preceded by or that include the
words "believes," "intends," "expects," "will," "plans," "anticipates," or
similar expressions, are forward-looking statements. These forward-looking
statements speak only as of the date of this press release. Manchester's actual
results may differ materially from the results discussed herein as a result of a
number of unknown factors, including, without limitation, there being no
assurance that Manchester will not be adversely affected by continued intense
competition in the display technology industry, continued deterioration in
average selling prices of display technologies, a decrease in the growth of the
display technology market, a lack of product availability, deterioration in
relationships with major manufacturers, a loss or decline in sales to any of its
major customers, or any of the other risks set forth in Manchester's Annual
Report on Form 10-K for the year ended July 31, 2003, and those set forth from
time to time in Manchester's other filings with the Securities and Exchange
Commission. Manchester assumes no obligation to update any of the information
referenced in this press release. These documents are available through the
Company, or through the Securities and Exchange Commission's Electronic Data
Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov.