CeleXx Announces Closing of Settlement of Burke Estate Lawsuit.Business Editors CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--April 23, 2002 CeleXx Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLXX) announced that on April 2, 2002, it closed the settlement of its pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with the Estate of David R. Burke, Sr. (the "Estate"), which was previously announced on January 24, 2002. Pursuant to the settlement, the Estate became the owner of CeleXx's former wholly-owned subsidiary, Computer Marketplace, Inc. ("CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. "), and CeleXx received a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. for $42,000, relief of payment for the note due the Estate for $914,000 and the surrender of approximately 16 million shares of CeleXx common stock (approximately 30% of the outstanding shares), which CeleXx intends to hold in treasury until the shares are cancelled. There was also an exchange of releases among the Estate, CeleXx, CMI and the officers, directors and employees of the Corporation and CMI, as to all matters concerning CMI. The Private Securities Reform Act of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information included in this Press Release (as well as information included in oral statements or other written statements made or to be made) contains statements that are forward looking, such as those relating to future satisfaction of obligations and the disposition of assets. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements. |
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