CLST Holdings, Inc. Announces Court's Issuance of Temporary Restraining Order in State Court Action
February 25 2010 - 6:42PM
PR Newswire (US)
DALLAS, Feb. 25 /PRNewswire-FirstCall/ -- CLST Holdings, Inc. (Pink
Sheets: CLHI) announced today that on February 24, 2010, in its
state court action with Red Oak in the 134th District Court of
Dallas County, Texas, the Court ordered, among other things, as
follows: the Defendants (CLST Holdings, Inc., Robert Kaiser,
Timothy Durham, and David Tornek) and their agents are restrained
from filing the Certificate of Dissolution for Defendant CLST
Holdings, Inc. on or before midnight on Wednesday, March 10, 2010,
or until further order of the Court. Due to the Court's order, the
Company will not be able to file a certificate dissolution with the
Delaware Secretary of State on February 26, 2010. Accordingly, the
trading of the Company's stock on the Pink Sheets will not cease on
the close of business on February 26, 2010, as previously
announced. Under the Company's plan of dissolution, the certificate
dissolution must be filed on or before March 26, 2010. If the
Company does not file its certificate of dissolution on or before
March 26, 2010, the Company believes it is likely that dissolution
and winding up of the Company will require a stockholder's meeting
to authorize a new plan of dissolution. Forward-Looking Statements
Certain information included herein may constitute
"forward-looking" statements for purposes of the Securities Act of
1933, as amended, and the Securities Exchange Act of 1934, as
amended, and, as such, may involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially
different from future results, performance, litigation results or
achievements expressed or implied by such forward-looking
statements. When used in this report, the words "anticipates,"
"estimates," "believes," "continues," "expects," "intends," "may,"
"might," "could," "should," "likely," "plan," and similar
expressions are intended to be among the statements that identify
forward-looking statements. Statements of various factors that
could cause the actual results, performance or achievements of the
Company or future events relating to the Company to differ
materially from the Company's expectations ("Cautionary
Statements") are disclosed, including, without limitation, those
discussed in the "Risk Factors" section in Part I, Item 1A of the
Company's Annual Report on Form 10-K for the fiscal year ended
November 30, 2008, as amended and Part II, Item 1A of the Company's
Quarterly Report on Form 10-Q for the quarter ended August 31,
2009, as amended, those statements made in conjunction with the
forward-looking statements and otherwise herein. All
forward-looking statements attributable to the Company are
expressly qualified in their entirety by the Cautionary Statements.
We have no intention, and disclaim any obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future results or otherwise. DATASOURCE: CLST
Holdings, Inc. CONTACT: Robert A. Kaiser, President, Chief
Executive Officer of CLST Holdings, Inc., +1-972-267-0500
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