FORT WORTH, Texas, February 27, 2006 (PRIMEZONE via COMTEX) -Vertical Computer Systems, Inc. (OTCBB: VCSY) has refinanced $2,353,458 of current debt. With respect to the refinanced debt, $600,000 will be paid out over five years, and $1,753,458 will be paid out over 12 years.
Richard Wade, Chief Executive Officer and President of VCSY, stated: "Vertical is pleased to have closed these refinancing transactions. This refinancing provides Vertical a manageable repayment plan necessary so Vertical can focus its attention on expanding its business opportunities based upon its proprietary technology. "
For additional information concerning the loan and the refinancing, please see VCSY's Form 8-K filed with the Securities Exchange Commission on February 24, 2006. The Form 8-K can be found under a company search for "Vertical Computer Systems" at www.SEC.gov.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
Vertical Computer Systems, Inc. (OTCBB: VCSY)) is a provider of administrative software, Internet core technologies, and derivative software application products through its distribution network. VCSY's main administrative software product is emPath(r), which is developed and distributed by NOW Solutions, Inc., the Company's wholly-owned subsidiary. VCSY's primary Internet core technologies include SiteFlash, ResponseFlash, NewsFlash, and the Emily XML Scripting Language, which can be used to build web services. Information on Vertical and its products can be obtained on the World Wide Web at www.vcsy.com
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Vertical Computer Systems, Inc.
SOURCE: VERTICAL COMPUTER SYSTEMS, INC.