Hi Chin. Defeating the Rao suit (and the last of its appeals) has now removed the impediments to completing the overdue audited financials. This was originally announced in HQNT's August 29th PR but at that time the appeals were still ongoing. We could see something at any time now. ---------------------------------------------------- H-Quotient Clears Way to Complete Audit
VIENNA, VA, Aug 29, 2005 (MARKET WIRE via COMTEX) -- H-Quotient, Inc. (OTC: HQNT) announced that with resolution of the significant aspects of major litigation and, separately, issues concerning the acquisition of the Company's Canadian subsidiary, Stewart & Shaw Inc., management has directed its auditors to complete the Company's 2003 and 2004 year-end audits.
On April 7, 2004, the Company was sued for more than $10 million in the Rao et al v. H-Quotient matter. The court awarded and upheld its judgment awarding H-Quotient $385,000 against IntelliServices' former president, while seven former IntelliServices shareholders who owned less than six percent of that company's stock were awarded $359,000, which the Company is appealing. Earlier, two former IntelliServices employees were awarded $157,500, and H-Quotient deposited the full amount to the court in lieu of a bond and has appealed the award. This litigation arose from H-Quotient's acquisition of IntelliServices stock.
This announcement may contain, in addition to historical information, certain forward-looking statements that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.
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