CEO Severance

Washington, DC: (Jan-03-08) Richard Sommerfeld Jr., former CFO of Airbee Wireless Inc., brought charges against the company, over severance related issues. Sources close to the case stated that the company had reached a settlement with Sommerfeld, agreeing to pay him $500,000 to resolve litigation. In a recent development, sources stated that the company had failed to meet its Sept. 10, 2007 deadline to pay the amount, and as a consequence the money it owes Sommerfeld has been increased to $700,000 under the provisions of the settlement. Airbee Wireless, a company that develops software for wireless and data communications, has had to further restate its earnings for the first half of 2007 because of accounting inaccuracies stemming from compensation and professional fees. [WASHINGTON BUSINESS JOURNAL: CEO SEVERANCE]

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Published on Jan-6-08