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Celerity Systems Makes Payment to Merrill Corporation for Print Work

Press release from the issuing company

KNOXVILLE, Tenn., Oct. 31 -- Celerity Systems, Inc., a provider of digital video on- demand solutions, has entered into a settlement with Merrill Corporation, a St. Paul, Minnesota-based global, diversified communications and document services provider. On January 30, 2001, Merrill Corp. brought a lawsuit against Celerity for non-payment of financial printing fees in the amount of approximately $118,000. Effective October 10, 2003, Merrill settled with Celerity for $70,000 paid in cash by Celerity, and has waived the remaining amount owed. Celerity President and CEO Robert Legnosky, stated, "This settlement represents our ongoing commitment to strengthen our balance sheet through a series of debt settlements and consolidations this year. The reduction of debt with Merrill Corp. is another example of how we are systematically building shareholder value in the near-term by increasing our liquidity."