Save the World Air Benefits as SEC Prevails Against Former Officer
18 November 2005 - 6:00PM
PR Newswire (US)
LOS ANGELES, Nov. 18 /PRNewswire-FirstCall/ -- Save the World Air,
Inc. (OTC:ZERO) announced that is has been informed that Judge
Frank Maas of the United States District Court for the Southern
District of New York has ruled against former Company director and
officer Jeffrey A. Muller and in favor of the Securities and
Exchange Commission in long-standing litigation against Mr. Muller.
In granting the SEC's motion for summary judgment, the court has
barred Mr. Muller from serving as an officer or director of a
public company for a period of 20 years, has ordered Mr. Muller to
disgorge any shares of the Company's stock that he still owns and
has directed the Company to cancel any issued and outstanding
shares of Company stock still owned by Mr. Muller. Mr. Muller was
also ordered to disgorge to the SEC unlawful profits in the amount
of $7.5 million and a pay a civil penalty in the amount of
$100,000. Eugene E. Eichler, the Company's CEO said of the court's
ruling, "The Judge's 46-page opinion is a complete vindication of
our position in the long-standing litigation against Mr. Muller. We
are especially gratified that the court has ordered Mr. Muller to
disgorge any shares of our stock which he still owns and directed
us to cancel all of those shares. We intend to comply fully with
the court order. We will be able to cancel at least 7.2 million
shares immediately and believe that we will be able to cancel an
additional 1.5 millions shares and all the options Mr. Muller
previously issued to himself when we prevail in the rest of our
lawsuit against Mr. Muller." The Company's additional claims
against Mr. Muller remain the subject of ongoing litigation as part
of this same lawsuit. Save the World Air, Inc. is currently engaged
in the product development, and initial sales and marketing, of
devices using proprietary technologies that can be installed on
motor vehicles, motorcycles and stationary engines to reduce
harmful emissions, improve fuel efficiency and/or improve
performance. Safe Harbor Statement The statements contained herein,
which are not historical, are forward looking statements that are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in the forward looking
statements, including, but not limited to, the company's filings
and future filings with the Securities and Exchange Commission,
including those set forth in the company's Annual Report on From
10-KSB for the year ended December 31, 2004. For further
information, please contact: Eugene E. Eichler, CEO Save the World
Air, Inc. +1-818-487-8000 DATASOURCE: Save the World Air, Inc.
CONTACT: Eugene E. Eichler, CEO of Save the World Air, Inc.,
+1-818-487-8000
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