Wednesday, March 02, 2005

Advanced Communications CEO Asks Congressman Oxley to Lift Burdens from Small Businesses

Advanced Communications Technologies, Inc. (OTC Bulletin Board: ADVC) CEO Wayne Danson has asked Congressman Michael Oxley to take action to help reduce legislative burdens on small businesses. ADVC is a vertically integrated technology services company with subsidiaries specializing in the repair and distribution of computers, peripherals and consumer electronics.

Danson recently attended a meeting with Congressman Oxley to discuss the immense burden placed on small businesses by the Sarbanes-Oxley Act of 2002. The act lays out a set of rules and accountability standards for public companies. Oxley was a major contributor in drafting the legislation, which was initiated in response to a number of corporate scandals, such as the Enron scandal that became public in November 2001.

Danson said that implementing Section 404 requirements of the legislation are costing small businesses enormous and debilitating amounts of time and money. Such companies also are experiencing difficulty in finding competent, qualified professionals to serve on their boards of directors as well as financial experts to chair board audit committees due to a lack of available D&O insurance. Danson said the personal liability and potential consequences for independent directors is making it increasingly difficult for these small businesses to attract competent people.

Advanced Communications CEO Asks Congressman Oxley to Lift Burdens from Small Businesses

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