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Ultradata Sales Surge on Success Of Talking Road Navigator; Increased Cash Flow Permits Prepayment of Convertible Debt
ST. LOUIS, Jan 9, 2004 (BUSINESS WIRE) -- Ultradata Systems, Inc. (OTC Bulletin
Board:ULTR) announced today that it has retired in full its outstanding Senior
Convertible Notes. The Company prepaid nearly $300,000 within the past month in
order to eliminate these securities. As a result, there are now outstanding no
notes, derivatives or other securities convertible into Ultradata common stock,
other than incentive stock options held by employees. Monte Ross, Ultradata's
CEO, explained: "We retired the convertible notes as soon as we had available
cash. The conversion feature of the notes has been a burden on the market for
our common stock, and we are happy it is now eliminated."
Ultradata's financial ability to prepay the notes was largely due to a surge in
fourth quarter sales. The Company recently introduced a new product, the
"Talking Road Navigator," and a major distributor was successful in marketing
the product through television advertising. Management expects to report fourth
quarter sales in excess of $1.7 million and annual sales for 2003 in excess of
$2.8 million. In 2002, Ultradata recorded fourth quarter sales of $313,031 and
annual sales of $1,741,556.
Mr. Ross noted: "It is clear there is public acceptance of our new Talking Road
Navigator. Even after a successful holiday selling season, we begin 2004 with a
backlog of over $640,000 for this product alone. The talking feature makes the
product more useful and yet easier to use than its predecessors. The continuing
success of this product should enable Ultradata to be profitable in 2004."
Ultradata Systems, Inc. is a leader in the field of hand-held electronic
information systems. Based in St. Louis, MO, Ultradata Systems develops,
manufactures and markets hand-held travel information computers, global
positioning system (GPS) products and information systems used for locating
destinations and trip planning. The company's lead product, the handheld
electronic travel information guide, has sold more than three million units and
is marketed through chain drug, mass and consumer electronic retail chains, home
centers, the automotive aftermarket, cable TV direct marketers, premium
incentive catalogs and other channels. These computers use Ultradata's patented
data compression technology and proprietary database to provide directions to
thousands of destinations and services along highways and in major metropolitan
areas.
This press release contains forward-looking statements within the meaning of
applicable Federal securities laws. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events, or other changes. Readers are cautioned not to
place undue reliance on these forward-looking statements.
SOURCE: Ultradata Systems, Inc.
CONTACT: Ultradata Systems Inc., St. Louis
Ernest Clarke, 314-997-2250
eclarke@ultradatasystems.com
