Science Dynamics Completes Renegotiation of
Convertible Terms Pennsauken, NJ, November 22,
2005 -- Science Dynamics Corporation (OTC Bulletin Board: SIDY), a provider
of advanced technological solutions to key government agencies and commercial
enterprises, announced today it has renegotiated the terms of its outstanding
secured convertible term note with Laurus Master Fund, Ltd. Paul
Burgess, CEO of Science Dynamics, said, “This agreement with Laurus provides us
with significant savings. In addition
to deferring over $420,000 in past due principal payments until the note
matures in 2008, we were also able to defer the principal payments remaining in
this calendar year until 2006. More
significantly, in addition to waiving approximately $260,000 in interest owed, it
was agreed to eliminate $600,000 in potential
penalties. This agreement gives us the flexibility
to continue pursuing strategic initiatives aimed at cleaning up our balance
sheet and increasing shareholder value.”
In consideration for waiving past
interest and principal payments, Science Dynamics agreed to issue Laurus a
seven-year warrant to purchase 3,000,000 shares of common stock with an
exercise price of $0.075 per share.
Complete terms of the financing are available in the company’s 8-K
filing. About Science Dynamics Corporation Headquartered in Pennsauken, N.J., Science Dynamics
Corporation is a developer of advanced technological solutions with nearly 25
years of experience. The company designs, deploys and manages highly secure
advanced technological solutions at key government agencies and mid- to
large-sized enterprises. Science Dynamics Corporation’s telecommunications
solutions are installed in over 30,000 ports throughout 18 countries
worldwide. For more information, visit http://www.scidyn.com. About Systems Management
Engineering, Inc. Science Dynamics owns 82% of
SMEI. 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. An investment profile about
Science Dynamics may be found at http://www.hawkassociates.com/sciencedynamics/profile.htm. For investor relations information regarding
Science Dynamics, contact Frank Hawkins or Julie Marshall, Hawk Associates, at
(305) 451-1888, e-mail: info@hawkassociates.com.
An online investor relations kit including copies of press releases, current
price quotes, stock charts and other valuable information for investors may be
found at http://www.hawkassociates.com
and http://www.americanmicrocaps.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.
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