Cornell Capital Partners Enters Into Lockup Agreement With Celerity Systems to Limit Conversion and Sale of Debentures.Business Editors/Technology Writers KNOXVILLE, Tenn. & JERSEY CITY, N.J.--(BUSINESS WIRE)--June 14, 2002 Celerity ce·ler·i·ty n. Swiftness of action or motion; speed. See Synonyms at haste. [French célérité, from Old French, from Latin celerit Systems, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CESY) and Cornell Capital Partners today announced that they have entered into a lockup agreement lockup agreement A contractual offer of valuable assets or stock made by a takeover target to the suitor deemed most acceptable to management. A lockup agreement tends to discourage unwanted suitors, but it may penalize the target firm's stockholders because which will limit the convertibility of over one million dollars of debentures of Celerity beneficially owned by Cornell. "We have had a long relationship with Celerity," said Mark Angelo, Principal of Cornell Capital Partners, "and we believe that they have great potential. We have been concerned that undue focus on these debentures has hurt the perceived value of the Company, and we have voluntarily entered into this lockup agreement to assure the market and everyone at Celerity that we believe in them. It has been disappointing to see Celerity booking sales in the education market and signing up distributors and yet having the market for their shares drop." "We appreciate this commitment from Mark and everyone at Cornell Capital," said Kenneth Van Meter Van Meter may refer to:
Celerity Systems is a provider of advanced digital set top boxes and video servers for interactive television and high-speed Internet. Target markets include schools, energy companies, hospitality, hospitals and assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. , multihousing, telcos, and enterprise applications. Celerity can also provide end-to-end systems through strategic relationships with leading technology companies. Celerity also provides content for entertainment and education applications. 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. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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