CirTran Corporation (CIRX)

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CirTran Celebrates 'Successful Conclusions' of Litigations, Now Set to File 10-KSB for Fiscal 2005 with SEC This Week
Wednesday April 12, 8:30 am ET

SALT LAKE CITY--(BUSINESS WIRE)--April 12, 2006--CirTran Corp. (OTCBB: CIRT - News), an international full-service contract manufacturer of IT, consumer and consumer electronics products, said today that it has settled all major litigation in which it was a defendant, clearing the way for the filing of Form 10-KSB for fiscal 2005 with the SEC later this week.

Iehab J. Hawatmeh, CirTran's founder and president, said the litigations, which were detailed in the company's previous SEC filings, were settled for "far less than the original claims" against CirTran.

"We celebrate the successful conclusion of these litigations and the settlements reached, which we believe to be very much in our favor," Hawatmeh said. "We were able to settle these cases with a total cash outlay of only $200,000 after originally having exposure of up to $4.25 million," he said.

CirTan settled with Howard Salamon, a financial consultant who originally sued the company for $1.75 million -- 4 million restricted shares and 7 million warrants exercisable at $.05 per share. CirTran auditors valued the settlement at $450,000, and accrued that amount to fiscal year 2005. CirTran also settled with Sunborne, the owner of a building in Colorado Springs, Colo., to which CirTran expanded its operations in the late 1990s, for $200,000 in cash. Sunborne's claim originally ranged up to $2.5 million.

Both settlements were reached in February of last month, but as previous obligations of CirTran, were accrued as of 2005 fiscal year end.

"Now," Hawatmeh said, "we can move forward with our new business entities and continue to build CirTran with a clean slate in fiscal 2006."

http://biz.yahoo.com/bw/060412/20060412005131.html?.v=1