FOR IMMEDIATE RELEASE
AESP, Inc. Reports Sale of its Czech Republic Subsidiary
Miami, Florida, March 24, 2005- AESP, Inc (OTCBB:
AESP) today announced that it has sold the stock of its Czech Republic subsidiary,
Intelek spol. s.r.o to the former owner of the company who serves as its managing
director. The stock was sold for total consideration of $940,000, payable over the next 3
years. The new buyer assumed the liabilities of Intelek, including its accounts payable
and its bank debt. The Company expects to take a charge in the approximate amount of
$150,000 relating to the sale in the fourth quarter of 2004.
Slav Stein, the Company’s
President and CEO, stated: “This sale is
the final step towards our goal of divesting our owned operations in Europe. Going forward,
we are offering our Signamax network connectivity products to our European customers
through distribution arrangements with computer networking and cabling distributors,
including several of our former subsidiaries, thereby eliminating our direct investments
and a substantial portion of our risk.”
AESP, Inc. designs, manufactures, markets and distributes network
connectivity products under the brand name Signamax as well as customized solutions for
original equipment manufacturers worldwide. For additional
Company information, visit our websites, www.aesp.com
and www.Signamax.com.
Safe Harbor Disclosure under the 1995 Securities Litigation Reform Act.
This news release contains
forward-looking statements, which involve risks and uncertainties. The Company’s
actual future results could differ materially from the results anticipated herein. For
information regarding factors that could impact the Company’s future performance, see
the Company’s future filings with the U.S. Securities and Exchange Commission,
including its Annual Report on Form 10-K for 2003 and its Quarterly Report on Form 10-Q
for the third quarter of 2004.
Signamax is a trademark of AESP, Inc. in the United States and/or other countries.
For further information, please
contact:
Slav Stein, President & CEO
AESP, Inc.
Roman Briskin,
Executive Vice President
1810
NE 114th St.
John F. Wilkens, Chief Financial Officer
North Miami Beach, FL 33181
(305) 944-7710