QSGI Inc. files Chapter 11 - South Florida Business Journal:

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The publicly traded company (OTC BB: QSGI) filef its petition on Monday in bankruptcy court in West Palm According tothe petition, the companty has assets of almost $24 million and debt of $22.67 million, with 48 million shares of commo n stock. The company has major operations in In apress release, the company said it believea the bankruptcy would allow it to “continue some operationxs while it works to restructured its financial obligations and restructure operations.” Bradley Shraiberg of Boca Raton-based who filed the claim said the compay ran into troublr because of the economy and in defending itselv from a lawsuit. “They have disputese with their lender.
Because of the the value inventorysignificantly declined, whicgh lowered the company’s borrowing base and put it in a cash-strappes position.” The inventory consists mostly of new and used partws to maintain computer mainframes. Schraiberg said the unprofitable part of the refurbishing and recyclingcomputer equipment, was dragging down the QSGI, which is located on Royaol Palm Way, said it is interviewing financiakl advisory firms specializing in corporatw restructuring to assist management in the process.
The on its Web site said it offersaa “full suite of information technologyh solutions to help corporations and governmental agencies betterr manage hardware assets, reduce maintenance build best practices for data securithy and assure regulatory compliance.” Two members of the board of directors, Geoffrey A. Smith and Robert W. VanHellemontg resigned from the board, according to a news Chairman and CEO Marc Shermaj signed thebankruptcy petition. Shares closedx down slightly to just under 3 cents ashare Thursday. The 52-week high was 25 centsd on Sept. 12.
The 52-week low was 1 cent on