Science Dynamics Repays Outstanding Convertible Notes and Interest PENNSAUKEN,
N.J., March 3, 2005 /PRNewswire-FirstCall/ -- Science
Dynamics Corporation Immediately following the repayment of the notes and interest owed to Laurus Master Fund, Science Dynamics sold Laurus Master Fund a $2 million principal amount secured convertible term note and warrants to purchase 6 million shares of Science Dynamics Corporation common stock for aggregate gross proceeds of $2 million. The proceeds from the sale of the secured convertible term note and warrants were used to, among other things, purchase an approximate 82% equity interest in Systems Management Engineering, Inc. (SMEI), a provider of advanced data management applications and Internet server technology to government and commercial markets. Paul Burgess, CEO of Science Dynamics, said, "This transaction provides Science Dynamics with the necessary capital to complete our acquisition of SMEI under more favorable financial terms. In addition, the transaction removes approximately $1.3 million of toxic convertibles from our balance sheet and puts the company in a stronger financial position. We intend to continue strengthening our balance sheet by negotiating more favorable financing agreements." About Science Dynamics Corporation Headquartered in Pennsauken, N.J., Science Dynamics Corporation is a developer of telecommunications solutions with nearly 25 years of experience. Science Dynamics Corporation's solutions are installed in over 30,000 ports throughout 18 countries worldwide. Customers include Regional Bell Operating Companies, next-generation IP carriers, corporate enterprises and U.S.-based correctional facilities. Product solutions include call control systems, calling cards, Video over Frame Relay Devices and VoIP gateways. For more information, visit http://www.scidyn.com/ . About Systems Management Engineering, Inc. SMEI has developed advanced data management applications, Internet server technology and information systems that it markets to both public and private sectors. SMEI's product, Aquifer, helps its customers reduce development time for projects, manage the deployment of applications across the Internet to desktops around the world and implement military-grade security on all systems where the applications are deployed. For more information about SMEI, visit http://www.sysmanagement.com/ . Forward-Looking Statements: Certain statements made in this press release by Science Dynamics Corporation are forward-looking statements. Although such statements are based on current expectations they are subject to a number of future uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, the acquisition by Science Dynamics Corporation of Systems Management Engineering, Inc. and the successful operation of Systems Management Engineering, Inc. post-acquisition, additional potential acquisitions of Science Dynamics Corporation and the ability of Science Dynamics Corporation to effectively execute its business plan and develop a successful business. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, anticipations or intentions regarding the future. Science Dynamics Corporation assumes no obligation to update information concerning the forward-looking statements contained herein. Home
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