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