Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: dkgross who wrote (121114)	10/17/2003 9:19:12 AM
From: Patricia Meaney	Read Replies (2) \| Respond to of 150070

CESY: Celerity Systems Reduces Debt by an Additional $1.6 Million /FROM PR NEWSWIRE BOSTON 617-482-5355/ TO BUSINESS AND TECHNOLOGY EDITORS: Celerity Systems Reduces Debt by an Additional $1.6 Million KNOXVILLE, Tenn., Oct. 17 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY), 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, 2003 that it had entered into a partial settlement with holders of convertible debentures. Effective in the third quarter ended September 30, 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 settlement. Celerity President and CEO Robert Legnosky, stated, "This partial settlement significantly reduces our debt owed to debenture holders by $1.6 million in the third quarter. To-date, Celerity's actions represent a total reduction in what is owed to debenture holders and other creditors by $2.14 million. In addition to strengthening our balance sheet, the forgiveness of interest and penalties associated with the convertible note will positively impact our bottom-line. Our outlook for the second half of 2003 is greatly improving and we look forward to further building shareholder value in the near future." 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: Investor Relations Contact: Robert Legnosky, President & CEO Gary Geraci Celerity Systems, Inc. OTC Financial Network 865-539-5300 781-444-6100 ext. 629 rlegnosky@celerity.com garyg@otcfn.com SOURCE Celerity Systems, Inc. /CONTACT: Robert Legnosky, President & CEO of Celerity Systems, Inc., +1-865-539-5300, rlegnosky@celerity.com; or Investor Relations, Gary Geraci ofOTC Financial Network, +1-781-444-6100 ext. 629, garyg@otcfn.com/ /Web site: celerity.com Oct-17-2003 11:00 GMT Symbols: US;CESY Source PRN PR Newswire Categories: NWI/CPR NWI/MLM NWR/TN MST/I/CPM MST/I/ISS MST/I/NET MST/R/US/TN TGT/PRN