The Golden Lounge

[XV19]

CESY

(PR NEWSWIRE) Celerity Systems Reports Results for the Third Quarter Ended Sept
mber 30
Celerity Systems Reports Results for the Third Quarter Ended September 30

-- On Track to Generate Total Revenues of $1.2 Million in 2004 --

KNOXVILLE, Tenn., Nov. 17 /PRNewswire-FirstCall/ -- Celerity Systems, Inc.
(OTC Bulletin Board: CESY), a business development company focused on
providing capital formation, management advice and investments in developing
companies, announced today its financial results for the third quarter ended
September 30, 2004.

For the nine-month period ended September 30, 2004, the Company received
$955,000 in proceeds from its investment in Yorkville Advisors Management,
LLC, which has been recorded as dividend income in the statement of
operations. Since December 1, 2003, the Company has received a total of
$1,020,000 in proceeds from its portfolio companies.

For the three-months ended September 30, 2004, Celerity reported operating
income of $70,175 compared to an operating loss of $(107,644) for the three
months ended September 30, 2003. Celerity reported a net loss of $68,632, or
$0.00 per share, for the three months ended September 30, 2004 compared to a
net loss of $432,507, or $0.00 per share, for the three months ended September
30, 2003.

In October 13, 2004, the Company's Board of Directors approved a plan to
buyback up to 500 million shares of Celerity common stock on the open market
over the next 12 months.

Celerity President and CEO Robert Legnosky stated, "Year-to-date we have
entered into two significant business development agreements. In the third
quarter, we acquired an equity position in Getting Ready Corp., a start-up
that is focused on creating U.S. superstores for pre- and post-pregnancy
women. All shareholders on record as of October 20, 2004 are expected to
receive one share of free-trading Getting Ready stock for approximately every
1,192 shares of Celerity stock that they own based on the existing shares
outstanding.

During the current quarter, we acquired a 5% ownership in
Sagamore Holdings, Inc. Through a wholly owned subsidiary, Sagamore gives us
an equity position in the electronic manufacturing services industry. In the
future, we expect to continue to make other investments in growth-oriented
businesses that could represent increased value for our shareholders."

Legnosky concluded, "We have generated positive operating income for the
third consecutive quarter, and expect continued top-line growth through our
existing investments in our portfolio companies. We are on track to generate
total revenues of $1.2 million or more at year-end 2004."

Additional details on third quarter financial results can be found on the
Company's Form 10-Q available at http://www.sec.gov.

Safe Harbor Statement under the Private Securities Litigation Reform Act
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.

Company Contact: Investor Relations Contact:
Robert Legnosky, President & CEO Gary Geraci
Celerity Systems, Inc. OTC Financial Network
865-539-5300 781-444-6100 ext. 629
[e-mail]

SOURCE Celerity Systems, Inc.
-0- 11/17/2004
/CONTACT: Robert Legnosky, President & CEO of Celerity Systems, Inc.,
[phone]; or Gary Geraci of OTC Financial Network, [phone]
ext. 629, [e-mail]/
/Web site: http://www.celerity.com/
(CESY)

CO: Celerity Systems, Inc.
ST: New Jersey
IN: FIN
SU: ERN
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