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FOR IMMEDIATE RELEASE
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Science
Dynamics Corporation
Cherry Hill, NJ
856/424-0068
ir@scidyn.com
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Science
Dynamics subsidiary
acquires
certain business assets and liabilities of an Audio/Visual Technology
Company with Projected 2003 Revenues of Over $6 Million
CHERRY HILL, N.J.,
April 8, 2003 /PRNewswire/ -- Science
Dynamics Corporation, SciDyn, (OTCBB: SIDY), a leading developer of
advanced telecommunications solutions, announces that its subsidiary, M3
Acquisition Corp. (M3) has acquired certain business assets and
liabilities of Modern Mass Media, Inc. (MMM), a privately held company
based in Florham Park, NJ. The acquisition builds on SciDyn’s
core competencies and helps diversify its product offering.
Specializing
in providing audio/video technology to corporate clients, MMM offerings
include consultation, custom engineering, facility design, audio/visual
products, installation, testing, user training and repair service.
Established in 1970, it has served hundreds of clients over the years,
including a large number of Fortune 1000 companies with offices on the
East Coast. MMM produced revenues of approximately $5 million in
2002 and SciDyn believes that M3 is on track to produce revenues in
excess of $6 Million on an annualized basis.
Key
members of MMM’s senior management, including former president Chip
DelCoro, will remain with the company. Mr. DelCoro stated, “I am
excited about this opportunity to add our resources and potential to
that of SciDyn. With the continued pressure on corporations to
limit business travel, we see a growing demand for our videoconference
products. As the new VP of Sales, I look forward to offering our
combined client base an expanded range of services while retaining
consistency in the sales team.”
“Both
SciDyn and Modern Mass Media have long histories of innovation and
customer service.” stated Alan Bashforth, SciDyn CEO and President.
“We believe that this acquisition is a win-win proposition for both
parties and should boost SciDyn’s consolidated 2003 revenues
substantially”.
David
Grin, Fund Manager of Laurus Fund stated, "We are impressed by the
combination of Modern Mass Media and SciDyn and are excited to continue
our long-term relationship with SciDyn through financial arrangements.
We feel the combined management team will successfully generate
substantial long-term shareholder value through the many opportunities
created by this acquisition”.
The
agreement between SciDyn, M3 and MMM was closed on March 31, 2003. The
terms and conditions of this acquisition will be filed in a subsequent
Form 8K filing.
About
Science Dynamics Corporation
Headquartered in Cherry Hill, New Jersey, Science Dynamics Corporation (SciDyn)
is a developer of telecommunications solutions. SciDyn's IP telephony
products enable the seamless connection between traditional circuit
switch-based networks and the next generation of packet-based networks.
Products include: The IntegratorC-2000(R) series of IP Telephony
Gateways, the Commander Call Control System, the MinuteMan Calling
Card/Billing System and the VFX-200 series of Video over Frame Relay
devices. For more information, please visit SciDyn's website at http://www.scidyn.com.
About
Modern Mass Media, Inc.
MMM
is a leading East Coast provider of audio/visual services to a wide
range of corporate and government clients. In addition to its
corporate headquarters in Florham Park, NJ, the company has branch
offices in Jersey City, NJ (serving New York), Bensalem, PA, and McLean,
VA. For more information, please visit MMM’s website at http://www.mmmusa.com.
The Company is making this statement in order to satisfy the “safe
harbor” provisions contained in the Private Securities Litigation
Reform Act of 1995. This press release includes forward-looking
statements relating to the business of the Company. Forward-looking
statements contained herein or in other statements made by the Company
are made based on management's expectations and beliefs concerning
future events impacting the Company and are subject to risks,
uncertainties and factors relating to the other factors, which Company's
operations and business environment, all of which are difficult to
predict and many of which are beyond the control of the Company, that
could cause actual results of the Company to differ materially from
those set forth above and elsewhere in the Annual Report. The Company
may encounter competitive, technological, and financial and business
challenges making it more difficult to market its products and services,
the impact of which may in matters expressed in or implied by
forward-looking statements. The Company believes that the
following factors, among others, could in turn affect the Company's
results of operations and financial position, affect its future
performance and cause actual results of the Company to differ materially
from those expressed in or implied by forward-looking statements made by
or on behalf of the Company: (a) the effect of technological changes;
(b) increases in or unexpected losses; (c) increased competition; (d)
fluctuations in the costs to operate the business; (e) uninsurable
risks; and (f) general economic conditions.
For
investor information, please contact Wayne Jenkins of IR Specialists,
Inc., at 401-615-0438 or wjenkins@irspecialists.com.
For Further Information, Please Contact:
Science
Dynamics Corporation, Cherry Hill, NJ.
856/424-0068
sales@scidyn.com
or
Wayne Jenkins of IR
Specialists, Inc., at 401-615-0438 or wjenkins@irspecialists.com
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