FARMINGTON, Ark., Aug. 23,
2012 /PRNewswire/ -- Highline Technical Innovations, Inc.
(OTC: HLNT), formerly Systems Evolution, Inc. (SSEV), announced on
August 16, 2012 that the litigation
pending in the Supreme Court of the State
of New York, New Millennium Capital Partners III, LLC et al.
v. Systems Evolution, Inc., Case No. 600893/2010, had been amicably
concluded pursuant to a mutually agreeable settlement of all issues
between them. Earlier this year, PwC Corporate Finance and
Discovery (Cayman Islands) Limited
and its trustees were appointed Joint Liquidators of the
Plaintiffs' Offshore and Onshore Funds by duly adopted resolutions
with respect to the Onshore Funds and by order of the General Court
of the Cayman Islands with respect
to the Offshore Funds. Plaintiffs' and PwC's attorneys have
been in negotiations with HTI's Attorneys to reach this
settlement. On August 21, 2012,
the parties filed a joint "Stipulation of Discontinuance" with the
Court which stated that both PwC and HTI dismissed their claims
against each other with prejudice. The Court has now ratified that
stipulation bringing an official end to the litigation.
Under the terms of the settlement agreement, PwC will receive
and shall assume an equity position in HTI with the receipt of a
one-time issuance of fifteen million shares of HTI unrestricted
common stock. Additionally, HTI will pay 1.1
million dollars in payments, with the final payment
concluding on March 31, 2013.
Highline Technical Innovations, Inc. (Formerly Systems
Evolution, Inc.), shall be released from all further claims and
liability by Plaintiffs in exchange for a release from HTI's
counter claims and third party actions brought by HTI against
Plaintiffs and third-party defendants N.I.R. Group, LLC and
Corey Ribotsky. The ongoing action
between HTI and the third party defendants, David Walters and Steven
Humphries and their associated companies and affiliates,
shall continue notwithstanding this settlement. The settling
parties shall each bear their own attorney's fees and costs.
Chad Coats, CEO of HTI previously
said, "This is a monumental leap forward for Highline Technical
Innovations, Inc. and its shareholders. This settlement
allows the company to fully focus on what it does best; designing
and manufacturing the Hy-Impact series of Intelligent Hydrogen
Injection Systems for internal combustion engines worldwide, and
the manufacture and distribution of the HOSS line of utility
terrain vehicles which is on track to complete EPA certification in
the fourth quarter." The settlement also removed the specter of
possible foreclosure on any of the NIR notes from the company's
future forever.
Coats further stated, "With the conclusion of this litigation
after more than two years, HTI is poised to emerge debt-free from
this case and continue forward as the front-runner in utilizing
hydrogen as a natural gas to positively increase its customers
bottom line and significantly reduce the amount harmful
particulates into our delicate atmosphere."
Highline Technical Innovations, Inc. is based in Farmington, Arkansas. HTI is dedicated to
producing innovative, high quality products that are economical and
environmentally friendly. In 2012, HTI formed a joint venture with
Miami-based Alternative Hydrogen
Systems Group Sales and Marketing LLC. (AHSG), to form Alternative
Hydrogen Solutions, LLC. (AHS), a company focused on introducing
the latest in cost-saving and environmentally responsible
technology to industries that rely heavily on the consumption of
fossil fuels. AHS recently partnered with Launchit, a widely
known marketing specialist in the transportation industry and
Velociti, the premier technology deployment company to launch the
Hy-impact line of intelligent hydrogen supplemental injection
systems. The products that comprise the Hy-Impact™ line and
their corresponding industries include: Hy-Road™ for trucking,
Hy-Marine™ for maritime, Hy-Flo™ for oil, Hy-Agra™ for agriculture,
Hy-Rail™ for locomotive, and Hy-Drolean™ for municipality. Key
manufacturing partners, Delta Electronics and Technical Machining
Services are poised to handle the production volume for the
targeted market verticles. HTI is the publicly held part of the
joint venture which brings the revolutionary HY-Impact line of fuel
saving and harmful emissions reducing devices to market.
For more information on Launchit, visit www.launchitpr.com
For more information on Velociti, visit www.velociti.com
For more information on Highline Technical Innovations, Inc.,
visit its website at www.HighlineInnovations.com.
For more information on Alternative Hydrogen Solutions, LLC.,
visit its website at www.HyImpact.com.
Contact: Jaqueline
Colasante
j.colasante@hyimpact.com
SOURCE Highline Technical Innovations, Inc.