Save the World Air Benefits as SEC Prevails Against Former Officer
LOS ANGELES, Nov. 18 /PRNewswire-FirstCall/ -- Save the World Air, Inc.
(OTC: ZERO) announced that is has been informed that Judge Frank Maas of the
United States District Court for the Southern District of New York has ruled
against former Company director and officer Jeffrey A. Muller and in favor of
the Securities and Exchange Commission in long-standing litigation against Mr.
Muller.
In granting the SEC's motion for summary judgment, the court has barred
Mr. Muller from serving as an officer or director of a public company for a
period of 20 years, has ordered Mr. Muller to disgorge any shares of the
Company's stock that he still owns and has directed the Company to cancel any
issued and outstanding shares of Company stock still owned by Mr. Muller. Mr.
Muller was also ordered to disgorge to the SEC unlawful profits in the amount
of $7.5 million and a pay a civil penalty in the amount of $100,000.
Eugene E. Eichler, the Company's CEO said of the court's ruling, "The
Judge's 46-page opinion is a complete vindication of our position in the
long-standing litigation against Mr. Muller. We are especially gratified that
the court has ordered Mr. Muller to disgorge any shares of our stock which he
still owns and directed us to cancel all of those shares. We intend to comply
fully with the court order. We will be able to cancel at least 7.2 million
shares immediately and believe that we will be able to cancel an additional
1.5 millions shares and all the options Mr. Muller previously issued to
himself when we prevail in the rest of our lawsuit against Mr. Muller."
The Company's additional claims against Mr. Muller remain the subject of
ongoing litigation as part of this same lawsuit.
Save the World Air, Inc. is currently engaged in the product development,
and initial sales and marketing, of devices using proprietary technologies
that can be installed on motor vehicles, motorcycles and stationary engines to
reduce harmful emissions, improve fuel efficiency and/or improve performance.
Safe Harbor Statement
The statements contained herein, which are not historical, are forward
looking statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed in the forward
looking statements, including, but not limited to, the company's filings and
future filings with the Securities and Exchange Commission, including those
set forth in the company's Annual Report on From 10-KSB for the year ended
December 31, 2004.
For further information, please contact:
Eugene E. Eichler, CEO
Save the World Air, Inc.
+1-818-487-8000
SOURCE Save the World Air, Inc. |
