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CESY - Celerity Systems Enters Into a Settlement With Holders Of Convertible Debentures
Wednesday October 8, 7:00 am ET
--Improves Balance Sheet by $925,000--
biz.yahoo.com
KNOXVILLE, Tenn., Oct. 8 /PRNewswire-FirstCall/-- Celerity Systems, Inc. (OTC Bulletin Board: CESY - News), a leading provider of innovative digital video on- demand solutions, announced today that the Company has entered into a partial settlement of certain convertible notes that it had received from individual investors. 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 of $.004 per share of Celerity common stock.
Celerity President and CEO Robert Legnosky, stated, "As a direct result of this settlement, we have substantially improved our balance sheet by reducing our total debt by $925,000. By taking pro-active measures to resolve our outstanding debt in the third quarter, we are creating a sound financial position from which to grow our business."
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: celerity.com. Investors should visit: otcfn.com.
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 Exchange Commission.
Company Contact:
Robert Legnosky, President & CEO
Celerity Systems, Inc.
865-539-5300
rlegnosky@celerity.com
Investor Relations Contact:
Gary Geraci
OTC Financial Network
781-444-6100 ext. 629
garyg@otcfn.com |
