Monday, July 01, 2013 3:38:52 AM
DOES THIS BUM EVER PAY HIS DEBTS??
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
MONEYMADE Talent on loan from God!
Veni, Vidi, Vici
http://investorshub.advfn.com/boards/board.aspx?board_id=15029
http://investorshub.advfn.com/boards/board.aspx?board_id=293
Recent CIRX News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 07:37:57 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:12:01 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/14/2023 06:47:40 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/21/2023 08:14:48 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/14/2023 10:10:13 AM
Glidelogic Corp. Becomes TikTok Shop Partner, Opening a New Chapter in E-commerce Services • GDLG • Jul 5, 2024 7:09 AM
Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • FHLD • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM