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Celerity Systems Reduces Debt by an Additional $550,000
October 28, 2003 07:00:00 (ET)
KNOXVILLE, Tenn., Oct 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- Celerity Systems, Inc. (CESY, Trade), a leading provider of innovative digital video on- demand solutions, announced today that the Company has entered into an additional settlement of certain convertible notes that it had received from individual investors. Celerity previously announced on October 8 and October 17, 2003 that it had entered into a partial settlement with holders of convertible debentures. Effective October 18, 2003, additional holders of the convertible debentures have agreed to waive approximately two and a half years of accrued interest and penalties owed to them by Celerity. These investors further agreed to convert the principle amount due into equity at a fixed price similar to the previously announced settlements.
Celerity President and CEO Robert Legnosky, stated, "This partial settlement represents another advancement towards reducing corporate debt and positioning the Company for future growth. We are excited to have made tremendous progress in reducing our obligations, which have resulted in marked improvements on our balance sheet and income statement. Our reorganization better prepares us to take advantage of the economies of our business and should allow us to enjoy a higher level of operating leverage moving forward."
