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VIENNA, Va. -- Advanced Switching Communications, Inc. (Nasdaq:ASCX) announced today that its Board of Directors has adopted a plan of complete liquidation and dissolution, which will be submitted to the Company's stockholders for approval. Subject to approval of the plan by holders of a majority of the Company's outstanding shares, the Company plans to sell its assets, including inventory, property and equipment and intellectual property, discharge its liabilities, and distribute the net proceeds to its stockholders. Pending final stockholder action, the Company has begun making preparations for the orderly wind down of its operations, including headcount reductions, securing continuing support for its existing customers, seeking purchasers for the sale of its intellectual property and other tangible and intangible assets, considering pursuit of potential third-party claims and providing for its outstanding and potential liabilities. In reaching its decision that the liquidation and dissolution of the Company would be in the best interests of the stockholders, the Board of Directors considered a number of factors, including the Company's recent financial performance, prevailing economic and industry conditions and unsuccessful efforts to sell or merge the Company. Advanced Switching Communications Inc. (ASC)