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Celerity Systems Settles Corporate Lawsuit With Metalade
Tuesday September 23, 7:02 am ET
KNOXVILLE, Tenn., Sept. 23 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY - News), a leading provider of innovative digital video on-demand solutions, has settled a lawsuit brought against the Company by Metalade, FL, Inc., a Florida-based fabrication and finishing supplier, on February 14, 2002.
Metalade FL, Inc. sued the Company for a delinquent account. The action was brought forth in the Circuit Court for Knox County, Tennessee and is entitled as Metalade FL, Inc. v. Celerity Systems, Inc. The plaintiff alleged it was owed $103,853 related to the non-payment of previously shipped products. Effective today, Celerity settled with Metalade for a cash amount of $20,000 and 15 million shares of restricted Celerity common stock.
Celerity President and CEO Robert Legnosky stated, "We are pleased to have resolved this obligation and are moving forward in executing our business plan. We continue to make progress in streamlining our operations and taking steps to enhance shareholder value. A direct result of this settlement is a strengthening of our balance sheet and we expect further improvements in the months ahead."
About Celerity Systems, Inc.
Celerity Systems designs, develops and markets advanced digital set-top- boxes and video servers for interactive television and high-speed Internet. The Company's products are deployed in six countries, serving key markets such as schools and telecommunication companies. Celerity also provides a comprehensive package of content, including 1,300 titles available, for entertainment and educational applications. Through strategic relationships with leading technology companies such as Cisco, Nortel, Extreme Networks, and Elastic Networks, Celerity also can deliver fully integrated, end-to-end systems of the highest quality. Additional information on Company can be found online at:
http://www.celerity.com. Investors should visit:
http://www.otcfn.com/cesy.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchang ودمتم سالمين
