Highline Technical Innovations, Inc. Announces The Court's Entry of Final Settlement Ending Two-Years of Litigation
Aug 23, 2012, 10:42 ET
FARMINGTON, Ark., Aug. 23, 2012 /PRNewswire/ -- Highline Technical Innovations, Inc. (OTC: HLNT), formerly Systems Evolution, Inc. (SSEV), announced on August 16, 2012 that the litigation pending in the Supreme Court of the State of New York, New Millennium Capital Partners III, LLC et al. v. Systems Evolution, Inc., Case No. 600893/2010, had been amicably concluded pursuant to a mutually agreeable settlement of all issues between them. Earlier this year, PwC Corporate Finance and Discovery (Cayman Islands) Limited and its trustees were appointed Joint Liquidators of the Plaintiffs' Offshore and Onshore Funds by duly adopted resolutions with respect to the Onshore Funds and by order of the General Court of the Cayman Islands with respect to the Offshore Funds. Plaintiffs' and PwC's attorneys have been in negotiations with HTI's Attorneys to reach this settlement. On August 21, 2012, the parties filed a joint "Stipulation of Discontinuance" with the Court which stated that both PwC and HTI dismissed their claims against each other with prejudice. The Court has now ratified that stipulation bringing an official end to the litigation.
Under the terms of the settlement agreement, PwC will receive and shall assume an equity position in HTI with the receipt of a one-time issuance of fifteen million shares of HTI unrestricted common stock. Additionally, HTI will pay 1.1 million dollars in payments, with the final payment concluding on March 31, 2013. Highline Technical Innovations, Inc. (Formerly Systems Evolution, Inc.), shall be released from all further claims and liability by Plaintiffs in exchange for a release from HTI's counter claims and third party actions brought by HTI against Plaintiffs and third-party defendants N.I.R. Group, LLC and Corey Ribotsky. The ongoing action between HTI and the third party defendants, David Walters and Steven Humphries and their associated companies and affiliates, shall continue notwithstanding this settlement. The settling parties shall each bear their own attorney's fees and costs.
Chad Coats, CEO of HTI previously said, "This is a monumental leap forward for Highline Technical Innovations, Inc. and its shareholders. This settlement allows the company to fully focus on what it does best; designing and manufacturing the Hy-Impact series of Intelligent Hydrogen Injection Systems for internal combustion engines worldwide, and the manufacture and distribution of the HOSS line of utility terrain vehicles which is on track to complete EPA certification in the fourth quarter." The settlement also removed the specter of possible foreclosure on any of the NIR notes from the company's future forever.
Coats further stated, "With the conclusion of this litigation after more than two years, HTI is poised to emerge debt-free from this case and continue forward as the front-runner in utilizing hydrogen as a natural gas to positively increase its customers bottom line and significantly reduce the amount harmful particulates into our delicate atmosphere."
Highline Technical Innovations, Inc. is based in Farmington, Arkansas. HTI is dedicated to producing innovative, high quality products that are economical and environmentally friendly. In 2012, HTI formed a joint venture with Miami-based Alternative Hydrogen Systems Group Sales and Marketing LLC. (AHSG), to form Alternative Hydrogen Solutions, LLC. (AHS), a company focused on introducing the latest in cost-saving and environmentally responsible technology to industries that rely heavily on the consumption of fossil fuels. AHS recently partnered with Launchit, a widely known marketing specialist in the transportation industry and Velociti, the premier technology deployment company to launch the Hy-impact line of intelligent hydrogen supplemental injection systems. The products that comprise the Hy-Impact™ line and their corresponding industries include: Hy-Road™ for trucking, Hy-Marine™ for maritime, Hy-Flo™ for oil, Hy-Agra™ for agriculture, Hy-Rail™ for locomotive, and Hy-Drolean™ for municipality. Key manufacturing partners, Delta Electronics and Technical Machining Services are poised to handle the production volume for the targeted market verticles. HTI is the publicly held part of the joint venture which brings the revolutionary HY-Impact line of fuel saving and harmful emissions reducing devices to market.
For more information on Launchit, visit www.launchitpr.com
For more information on Velociti, visit www.velociti.com
For more information on Highline Technical Innovations, Inc., visit its website at www.HighlineInnovations.com.
For more information on Alternative Hydrogen Solutions, LLC., visit its website at www.HyImpact.com.
Contact: Jaqueline Colasante
SOURCE Highline Technical Innovations, Inc.
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