ACS Holdings, Inc. Announces Debt Restructuring and files Form 8K
ORLANDO, FL. March 2, 2005/ (Businesswire)--ACS Holdings, Inc. ("Company" or
"ACSH") (OTC-BB:ACSJ), announced today that effective February 28, 2005 the
Company through its consultant KMA Capital Partners, LTD. restructured
approximately $1.7M in debt and filed a Form 8K with the SEC in connection with
this matter.
In the ongoing restructuring effort of Company, investors representing
approximately 94%, or $1.67 Million of notes with the Company, entered into an
agreement to convert their notes into preferred equity in ACS Holdings Inc. The
investors will receive Preferred Shares and warrants, if converted in 2 years
total 586,000,000 common shares. The restructuring is an ongoing effort of KMA
Capital Partners.This restructuring accounts for 95% of the investors involved
with Company since its inception.
Mark Width, CEO ACS Holdings Inc., stated, "We are extremely appreciative of the
cooperation we received from the investor base in working with the Company and
KMA in the restructuring of the Company. This is a major step in moving forward
with the Company as a BDC."
KMA plans a series of press releases to keep the investing public aware of the
progression of the reorganization plan.
About ACS Holdings Inc.
ACS Holdings Inc., is a Business Development Company under the Investment Act of
1940 and upon the completion of the reorganization will aggressively seek
opportunities in emerging and fast growth industries. The Company is currently
evaluating opportunities in the financial services, manufacturing, construction,
medical and real estate markets
Safe Harbor
The statements made in this release constitute "forward-looking" statements,
usually containing the words "believe," "estimate," "project," "expect," or
similar expressions. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and uncertainties that could
cause actual results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include, but are not
limited to, changing economic conditions, interest rates trends, continued
acceptance of the Company's products in the marketplace, competitive factors and
other risks detailed in the Company's periodic report Filings with the
Securities and Exchange Commission. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for revisions or
changes after the date of this release.
Contact:
Warren White KMA Capital Partners, Ltd.
7658 Municipal Drive
Orlando, Florida 32819
Ph: 407-370-4300
Fax: 407 226-3977
info@KMAcapital.com
www.KMAcapital.com
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Source: KMA Capital Partners and ACS Holdings Inc