Yahoo! Finance Search - Finance Home - Yahoo! - Help

Financial News
 

Press Release Source: PCS Research Technology Inc.

 
PCS Research Technology Finalizes Restructuring Agreement
Friday February 7, 12:27 pm ET

SAN DIEGO--(BUSINESS WIRE)--Feb. 7, 2003--PCS Research Technology Inc. (OTCBB:PCSR - News), a leading single-source provider of independent financial research to institutional investors, today announced that it had finalized terms of its previously announced restructuring and plans to close its PCS Securities Inc. brokerage subsidiary during the first half of 2003.

As previously announced, the company sold the PCS Securities Inc. trademark to Raymond A. Hill III, a former director and consultant to the company, and Susanne Pruitt, the former president of the company's PCS Securities Inc. in exchange for, among other things, the surrender and cancellation of a total of 10.3 million shares of the company's common stock owned by them and the termination of the four remaining years on the employment agreement with Pruitt and the consulting agreement with Hill. In addition, in conjunction with the finalization of the restructuring agreement, Hill, Pruitt, and Murray Stahl resigned from the company's board of directors. Detailed terms of the restructuring agreement can be found in the company's Form 8-K filed with the SEC today.

About PCS Research Technology Inc.

PCS Research Technology Inc. is a financial technology company using advanced proprietary technology platforms to distribute financial research, data, and analytics. The company is leveraging its technology to become a leading single-source provider of independent research for the institutional investment community. For more information, please visit the PCS Research Technology Web site at http://www.pcsresearch.com/.

Safe Harbor Statement

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.


Contact:
     PCS Research Technology Inc.
     Brian M. Overstreet, 858/200-2350

Source: PCS Research Technology Inc.


Copyright 2002 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
Copyright 2002 Business Wire. All rights reserved. All the news releases provided by Business Wire are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials by posting, archiving in a public web site or database, or redistribution in a computer network is strictly forbidden.