ITIS Announces New Litigation Support Contract
HOUSTON--(BUSINESS WIRE)--May 7, 2003--ITIS Holdings Inc. (OTCBB:ITHH) today announced that Houston attorneys John M. O'Quinn and James W. "Wes" Christian have hired ITIS subsidiary Litidex(R) to provide automated litigation support services for a stock manipulation case being filed for Sedona Corporation (SDNA.OB). Litidex(R) continues to provide litigation support services to a number of companies involved in litigation concerning alleged stock manipulation. Among the companies presently contracted with Litidex and already in litigation are Eagle Tech Communications Inc. (EATC.PK), Nanopierce Technologies Inc. (OTCBB:NPCT), Endovasc Ltd. Inc. (OTCBB:ENVC), RTIN Holdings Inc. (OTCBB:RTNH), Hyperdynamics Corporation (OTCBB:HYPD), and ATSI Communications Inc. (AI).
Wes Christian, of Christian, Smith & Jewell, commented, "In our opinion, we continue to see more and more occasions of small companies seeking capital to implement their business plans falling prey to predatory financing. The difficulty in capital formation and building a business, while a company's stock is continually manipulated downward, has, in our opinion, resulted in many good young companies disappearing."
Mr. Christian added, "It is further our opinion that this is a widespread problem in the financial markets today. The small start-up company is the foundation for many workers and technological advancements that are vital to economic growth. Just because you are a small-cap company doesn't mean you are not entitled to the same protections from naked short selling as any Fortune 500 company. We seek to repair the damages done to ITIS Holdings, Sedona, and all of the companies who have contracted with us to attempt to prevent this type of behavior in the future."
"Litidex continues to provide document management and litigation support work for stock fraud cases accepted by attorneys John O'Quinn and Wes Christian," said Chairman of ITIS Holdings Hunter Carr, who added, "We are excited to add Sedona Corporation to the group of companies that we are serving, and anticipate additional litigation support contracts are forthcoming."
About ITIS Holdings Inc.
ITIS Holdings Inc. operates subsidiaries that provide litigation support (http://www.litidex.com), and that operate specialized medicine pharmacies through PharmHouse, in addition to OnPoint Solutions, a developer of the Litidex(R) software, the RightScript (TM) software to be used in the pharmacies, and other software and hardware technologies. Subsidiary National Law Library Inc. receives royalties related to the sale of its legal databases.
Except for the historical information contained in this press release, certain statements in this release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of ITIS Holdings Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations. Other risk factors are listed in the most recent Annual Report on Form 10-KSB filed with the Securities and Exchange Commission.
CONTACT: ITIS Holdings Inc., Houston
Carol Brand, 281/600-6000 Ext. 524
carol.brand@itisinc.com |
