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CESY Celerity Systems Purchases 100 Million Shares as Part of its 500 Million Share Buyback Program

/FROM PR NEWSWIRE BOSTON 617-482-5355/
TO BUSINESS EDITOR:

Celerity Systems Purchases 100 Million Shares as Part of its 500 Million Share
Buyback Program

JERSEY CITY, N.J., Nov. 29 /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 that management has completed the purchase of 100
million shares of its common stock on the open market. This purchase
represents 20% of a total 500 million-share buyback program that was
previously announced by the Company on October 13, 2004. The Company plans to
purchase the remaining shares, up to 400 million, on the open market over the
next 10-months.
Celerity President and CEO Robert Legnosky stated, "Based on our prospects
for growth and recently signed business development agreements, we believe our
shares are trading at a discounted valuation relative to our growth potential.
As we progress in our business strategy, we will from time to time purchase
the remaining shares, or up to 400 million shares, on the open market when an
appropriate buying opportunity arises. This share buyback program reflects
management's belief that our company's fundamentals are improving and our
business outlook remains very positive."
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.

/CONTACT: Robert Legnosky, President & CEO of Celerity Systems, Inc.,
[phone]; or Investor Relations: Gary Geraci of OTC Financial
Network,[phone] ext. 629, [e-mail]/

/Web site: http://www.celerity.com/

Nov-29-2004 13:01 GMT
Symbols:
US;CESY
Source PRN PR Newswire
Categories:
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