CirTran Corporation (CIRX)

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8K just oout NEWS!!!!!
Tuesday, April 09 2013 1:58 PM, EST CIRTRAN CORP FILES (8-K) Disclosing Other Events Edgar Online   "Glimpses"
ITEM 8.01-OTHER EVENTS

CirTran Corporation (the "Company"), its wholly owned subsidiary, CirTran Beverage Corporation , and Iehab Hawatmeh and Fadi Nora , directors of the Company, and a variable interest entity of which the Company is the primary beneficiary, Play Beverages, LLC , and its principal owner, After Bev Group, LLC (together, the "Play Beverages Parties") have entered into a Settlement Agreement and Mutual Release with LIB-MP Beverage, LLC, American Sales & Merchandising, LLC , Warner Depuy , Michael Liberty , and Jeffrey Pollack to resolve litigation filed in April 2010 in the Third Judicial District Court , Salt Lake County, Utah , in which the Play Beverages Parties had sought declaratory relief and damages for tortious interference with contractual relations, breaches of fiduciary duties, fraud, and negligent misrepresentations. LIB-MP had also asserted claims aggregating approximately $1.1 million in the Utah bankruptcy proceeding of Play Beverages, LLC . This bankruptcy proceeding was dismissed in December 2012 .

Under the recent settlement and release agreement, the parties exchanged mutual general releases without the payment by any party of any amounts to any other. Accordingly, the Company was relieved of the $1.4 million claim of LIB-MP for accrued royalties and other debt obligations without any payment.