Highline Technical Innovations announces progress on its
fulfillment of settlement agreement with Pricewaterhouse Coopers
FARMINGTON, Ark., Jan. 15,
2013 /PRNewswire/ -- Highline Technical Innovations,
Inc. (HLNT:OTC), formerly Systems Evolution, Inc. (SSEV), announced
today that the majority of the
settlement amount due to Pricewaterhouse Coopers
(PwC), under an agreement reached on August 21, 2012, has been paid.
On August 21, 2012, the parties
filed a joint "Stipulation of Discontinuance" with the Court
stating both PwC (acting as Trustee for the NIR Group of
Funds) and HTI dismissed their claims against each other with
prejudice. The Court ratified this stipulation, bringing an
official end to the litigation between HTI and the NIR Group
of Funds.
Under the terms of the settlement agreement, PwC has received 15
million shares of Highline Technical Innovations (HLNT)
unrestricted common stock in a one-time issuance. On Friday January 11, 2013, HTI paid $700,000 of the total $1.1
million settlement, with the balance due on or before
March 31, 2013.
Chad Coats, CEO of HTI stated,
"It is extremely important that we have made substantial progress
in completing this settlement. Satisfying this obligation puts
our company in a much stronger position going forward."
Coats additionally stated, "Our one of a kind Hy-Impact™ line of
products offers great value for our customers. In addition to
giving our customers a much needed competitive edge while
increasing their bottom line, HTI's products also help the
environment through contributing to carbon footprint
reduction. With the recent addition of our new strategic
partners Lindon Group and Legacy Consulting, and our ability to
attract more industry-seasoned veterans, we are excited about the
opportunities 2013 will bring us. Aligning with the right
strategic partners will enable us to meet the coming demand.
We have projected 2013 revenues to approach 100 million with our
joint venture company, Alternative Hydrogen Solutions."
About Highline Technical Innovations, Inc.
Highline
Technical Innovations Inc. (HLNT:OTC) 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.
Highline Technical Innovations (HTI) is the publicly held partner
in this joint venture (AHS) and brings the revolutionary
Hy-Impact™ line of fuel saving and emission reducing
devices to market. HTI is based in Farmington, AR.
For more information on Highline Technical Innovations,
visit: www.highlineinnovations.com
Safe Harbor Statement
This press release contains
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
PSLRA of 1995. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. AHS does not
undertake any obligation to update any forward-looking statement as
a result of new information, future events or otherwise, except as
required under applicable law.
Contact: Jacqueline Colasante
j.colasante@hyimpact.com
SOURCE Highline Technical Innovations, Inc.