Tri-S Security Corp.

Atlanta, GA: (May-22-07) The former selling shareholders of Paragon Systems, Inc. filed charges against Tri-S Security Corp., a provider of security services and equipment for government and private entities. In a settlement reached, Tri-S paid $50,000 to the selling shareholders and will issue 35,000 shares of Tri-S common stock to shareholders no later than June 1, 2007. In addition, the parties to the litigation will seek to stay the litigation for 120 days. Upon satisfaction of certain closing conditions, including Tri-S obtaining acceptable financing for an additional $1,200,000, the parties will execute mutual releases of all claims and obligations among them existing as of the closing date, except for the obligations arising pursuant to the settlement itself, and will dismiss all the Litigation with prejudice. The settlement agreement further stipulated that Tri-S make a payment of an additional $1,200,000 in cash to the selling shareholders, issue an additional 665,000 shares of Tri-S common stock to the selling shareholders and terminate the selling shareholders' security interest in 40% of the shares of Paragon. [BUSINESS WIRE: TRI-S SECURITIES]

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.
Published on May-23-07