Universal Communication Systems Inc. and Air Water Corporation Announce Final Settlement Terms Relating to the Closing of Litigation with Electric Gas Technologies Inc. and Atmospheric Water Technologies Inc.
On November 23rd 2004, ELGT and AWT officers and directors formally apologized to the directors, officers and shareholders of Universal Communication Systems Inc. and Air Water Corporation, in particular to Michael J. Zwebner, the company CEO for previously published false statements.
The following forms the main terms of the settlement agreement:
The parties have agreed to enter into a stipulation for the entry of a "Consent Judgment" in favor of Airwater and UCSY, jointly, and against Atmospheric Water Technology, Inc. in the amount of $5 million, in addition there is the payment of the amount of $25,000 in cash, and the issuance of 150,000 shares of its restricted common stock ("Shares").
After the stipulation for the entry of the "Consent Judgment" has been fully executed by the parties, ELGT shall assign to UCSY or its nominee all of ELGT's equity ownership interest (i.e. shares of stock or otherwise) in AWT. This shall include all ELGT and AWT's right, title and interest in U.S. Patent No. 4,255,937 and all enhancements thereto, and all ELGT and AWT's right, title and interest to the copyright and trademarks describing the technology in the U.S. Patent, and the Trademark known as "Watermaker", and all ELGT and AWT's right, title and interest in U.S. Patent No. 5,553,459. This transfer to UCSY and Air Water Corporation shall be equal to 92% of the outstanding stock (controlling interest) of Atmospheric Water Technologies Inc., to include all the US and Global business, as well as all the appertaining Patents, Trademarks and Licenses.
Finally, the parties further agreed that each side shall bear its own costs and attorney's fees.
This settlement and the stipulated terms as agreed to by and between the parties shall formally be filed, stipulated and officially entered by the Federal Court of the Southern District of Florida.
About Air Water Corporation
For further detailed information on the company, please visit the official web address at: http://www.airwatercorp.com
About Universal Communication Systems, Inc.
For further detailed information on the company, please visit the official web address at: http://www.ucsy.com
Caution Concerning Forward-Looking Statements by Universal Communication Systems, Inc.
This document includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and factors affecting the integration of the businesses of Universal Communication Systems, Inc. More detailed information about these factors may be found in filings by Universal Communication Systems, Inc. with the Securities and Exchange Commission, including their most recent annual reports on Form 10-KSB and quarterly reports on Form 10-QSB. Universal Communication Systems, Inc. is under no obligation to, and expressly disclaim any such obligation to, update or alter their forward-looking statements, whether as a result of new information, future events, or otherwise.
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|Date:||Nov 29, 2004|
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