Toxic Filings

[sludgehound]

CESY ups A/S 5B to 20B

CESY -Celerity Announces Special Meeting of Stockholders
Thursday December 15, 9:18 am ET

ARLINGTON, Va., Dec. 15 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY - News) announced today that it will hold a special meeting of stockholders on December 30 at 10 a.m. Eastern Standard Time at the Hilton Hotel, 950 Stafford St., Arlington, Va., 22203.

Stockholders will be asked to approve the following proposals:

1. To elect four directors to serve on the company's board of directors
until their successors are duly elected and qualified, two of which
will be elected by the holders of outstanding shares of common stock of
the company, and two of which will be elected by the holders of
outstanding shares of Series F Convertible Preferred Stock of the
company;

2. To approve an amendment to the company's Certificate of Incorporation
to change the name of the company to "Homeland Security Capital
Corporation;"

3. To approve an amendment to the company's Certificate of Incorporation
to increase the number of authorized shares of common stock, par value
$0.001 per share, from 5 billion to 20 billion;

4. To approve the adoption of the Celerity Systems, Inc. 2005 Stock Option
Plan;

5. To approve the withdrawal of the company's election as a business
development company under Section 54 of the Investment Company Act of
1940; and

6. To consider any other matters that may properly come before the meeting
or any postponement or adjournment thereof.

Stockholders of record on December 1, 2005 will be eligible to vote at the special meeting. A proxy statement with additional details will be mailed to stockholders on or before December 16, 2005.

Celerity CEO C. Thomas McMillen said, "We are eager to finally complete these shareholder actions so we can move forward with our new business strategy."

Effective December 31, the company intends to close its Knoxville office and consolidate operations into its Arlington headquarters office.

About Celerity Systems

Celerity Systems, Inc. is an operating company focused on creating long- term value by taking controlling interest and developing its companies through superior operations and management. Celerity intends to operate businesses that provide homeland security product and service solutions.

Forward-looking statement: This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts that address future activities, performance, events or developments are forward-looking statements. Although Celerity Systems, Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.

Company Contact:
Celerity Systems, Inc.
C. Thomas McMillen
[phone], ext. 101
[e-mail]

Investor Relations:
Hawk Associates Inc.
Frank Hawkins or Julie Marshall
[phone]
[e-mail]