Highline Technical Innovations announces progress on its fulfillment of settlement agreement with Pricewaterhouse CoopersBY PR Newswire
— 11:03 AM ET 01/15/2013
FARMINGTON, Ark., Jan. 15, 2013 /PRNewswire/ -- Highline Technical Innovations, Inc. (HLNT
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) , formerly Systems Evolution, Inc. (SSEV), announced today that the majority of the settlement amount due to Pricewaterhouse Coopers (PwC), under an agreement reached on August 21, 2012, has been paid.
On August 21, 2012, the parties filed a joint "Stipulation of Discontinuance" with the Court stating both PwC (acting as Trustee for the NIR Group of Funds) and HTI dismissed their claims against each other with prejudice. The Court ratified this stipulation, bringing an official end to the litigation between HTI and the NIR Group of Funds.
Under the terms of the settlement agreement, PwC has received 15 million shares of Highline Technical Innovations (HLNT
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) unrestricted common stock in a one-time issuance. On Friday January 11, 2013, HTI paid $700,000 of the total $1.1 million settlement, with the balance due on or before March 31, 2013.
Chad Coats, CEO of HTI stated, "It is extremely important that we have made substantial progress in completing this settlement. Satisfying this obligation puts our company in a much stronger position going forward."
Coats additionally stated, "Our one of a kind Hy-Impact™ line of products offers great value for our customers. In addition to giving our customers a much needed competitive edge while increasing their bottom line, HTI's products also help the environment through contributing to carbon footprint reduction. With the recent addition of our new strategic partners Lindon Group and Legacy Consulting, and our ability to attract more industry-seasoned veterans, we are excited about the opportunities 2013 will bring us. Aligning with the right strategic partners will enable us to meet the coming demand. We have projected 2013 revenues to approach 100 million with our joint venture company, Alternative Hydrogen Solutions."
About Highline Technical Innovations, Inc. (HLNT
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Highline Technical Innovations Inc. (HLNT
HLNT HIGHLINE TECHNICAL INNOVATIONS INC
0.0122
Change +0.0001 (+0.83%)
AS OF 11:08 AM ET 01/15/13.
) is dedicated to producing innovative, high quality products that are economical and environmentally friendly. In 2012, HTI formed a joint venture with Miami-based Alternative Hydrogen Systems Group Sales and Marketing LLC (AHSG) to form Alternative Hydrogen Solutions LLC (AHS), a company focused on introducing the latest in cost-saving and environmentally responsible technology to industries that rely heavily on the consumption of fossil fuels. Highline Technical Innovations (HLNT
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) is the publicly held partner in this joint venture (AHS) and brings the revolutionary Hy-Impact™ line of fuel saving and emission reducing devices to market. HTI is based in Farmington, AR.
For more information on Highline Technical Innovations (HLNT
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), visit: www.highlineinnovations.com
Safe Harbor Statement
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the PSLRA of 1995. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. AHS does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Contact: Jacqueline Colasante
j.colasante@hyimpact.com
SOURCE Highline Technical Innovations, Inc. (HLNT
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