CSMG Technologies, Inc (fka CTGI)

[gamood]

Item 8.01. Other Events.

On September 22, 2009 the Registrant (“CSMG”) entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with Banco Panamericano (“Banco”) and Leon A. Greenblatt, President and CEO of Banco, pursuant to which Banco assigned to Donald A. Robbins, President of CSMG, the judgment it had obtained against CSMG on December 23, 2008 in the case styled Banco Panamericano v. Consortium Service Management Group. Inc., Case No. 07-C 15, in the Northern District of Illinois District Court, in the amount of $726,491.91 plus attorney’s fees of $474,828.46 or a total of $1,201,320.37. Under the terms of the Settlement Agreement, CSMG transferred to Banco 2,000,000 restricted shares of its common stock, its CO2 scrubber, one patent related to the CO2 scrubber and certain other consideration.

http://www.secinfo.com/d12TC3.s1gHe.htm