Acquired Sales Corp. (AQSP) today announced that it has completed the conversion of an aggregate of $381,113.41 of debt owed by it and by its wholly-owned subsidiary, Cogility Software Corporation ("Cogility"), into 111,986 shares of common stock of AQSP, and that AQSP has sold 15,724 shares of its common stock for $50,000 in cash. AQSP also disclosed that it has agreed to purchase, when it is financially able to do so, a total of $525,000 of Cogility's debt in exchange for $262,500 in cash plus 82,548 shares of AQSP common stock. All of these transactions value AQSP's common stock at $3.18 per share.
Gerard M. Jacobs, CEO of AQSP and the former CEO of Metal Management, Inc. (NASDAQ) and Think Partnership, Inc. (AMEX), stated, "These transactions significantly deleverage AQSP's consolidated balance sheet, and give an indication of the shareholder value that we anticipate being created by our Cogility Software Corporation subsidiary (www.cogility.com) and by our pending acquisition of Defense Security & Technology Group, LLC (www.dstechgroup.com)."
About Acquired Sales Corp.
Acquired Sales Corp., Lake Forest, IL, owns Big Data management and Complex Event Processing analytics leader Cogility Software Corporation, San Jose, CA. AQSP has also signed a letter of intent to acquire Defense & Security Technology Group, LLC, Chantilly, VA, which collaborates with clients in supporting a number of programs across the military, intelligence, law enforcement, and commercial communities to help their leaders make distinctive decisions leading to substantial improvements in enterprise performance.
Cautionary Statements Regarding Forward-Looking Information
This release may contain forward-looking statements, including statements about Acquired Sales Corp.'s, Cogility Software Corporation's, and Defense Security & Technology Group, LLC's financial condition, results of operations, earnings outlook and prospects. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project" and other similar words and expressions.
These forward-looking statements involve certain risks and uncertainties. Our ability to predict results or the actual effects of our plans and strategies is subject to inherent uncertainty. Factors that may cause actual results or earnings to differ materially from these forward-looking statements include those discussed and identified in filings we make with the United States Securities and Exchange Commission ("SEC"), including the risk factors described in the Acquired Sales' Form 8-K which we filed with the SEC on October 4, 2011.
Because these forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this release. All subsequent written and oral forward-looking statements concerning the matters addressed in this release and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release.