Press Release
Federal Court Delays Transition
Further Discovery Warranted
FARMINGDALE,
NJ – MARCH 14, 2011
- On February 24, 2011, Allied Security Innovations, Inc., (ASII) obtained
approval from Judge Stanton of the Federal District Court for the Southern
District of New York, to present its allegations that CGM Security
Solutions, Inc. (CGM-SS), has tortuously interfered with the business
activities of ASII by contacting ASII’s customers, vendors and investors,
providing inaccurate financial information. ASII believes that such
actions were undertaken by CGM-SS as part of its efforts to ensure a default
of obligations to CGM-SS, thereby triggering default provisions, including,
a reversion of the Allied business to CGM-SS. ASII believes that the
evidence presented at trial will prove that CGM-SS intentionally and
materially impacted the business and reputation of Allied Security
Innovations, Inc.
The Court's decision maintains the status quo of operations of Allied
Security Innovations and its subsidiary CGM Applied Security Technologies,
Inc (CGM-AST) and suspends the declaration of a default.
“CGM-AST
will continue making our security devices and fulfilling customer orders.
There should be no interruption in producing our line of tamper
evident tapes and labels, which are necessary to
ensure a secure chain of supply to industry, government and consumers.”,
states Anthony Shupin, President & CEO.
“We regret that we have had to embattle slanderous and undocumented
claims as to our business-worthiness.
It was necessary for us to appeal to juris prudence to properly
protect our company, ensure the proper flow of goods and services to our
clients, and protect the investment of our shareholders and investors.”
A hearing is scheduled for April 18th, 2011.
About
Allied Security Innovations, Inc.
The company, based in Farmingdale, NJ, (Symbol: ADSV) develops and markets
integrated enterprise-wide image applications specifically designed for
criminal justice
organizations. Customers include states, cities, counties, corrections,
justice, and public safety agencies. Additional information is available
online, at
www.ddsi-cpc.com.
Its subsidiary, CGM Applied
Security Technologies, Inc., with locations in Farmingdale, NJ and a
factory in Staten Island, NY, is a leading manufacturer and distributor of
Homeland Security products, including indicative and barrier security seals,
security tapes and related packaging security systems, protective security
products for palletized cargo, physical security systems for tractors,
trailers and containers, as well as a number of highly specialized
authentication products. Additional information is available online, at
www.cgm-ast.com.
Safe
Harbor Statement:
Safe
Harbor Statement Under the Private Securities Litigation Act of 1995 - With
the exception of historical information, the matters discussed in this press
release are forward-looking statements that
involve
a number of risks and uncertainties. The actual future results of the
Company could differ significantly from those statements. Factors that could
cause actual results to differ materially include risks and uncertainties
such as the inability to finance the company’s operations or expansion,
inability to hire and retain qualified personnel, changes in the general
economic climate, including rising interest rate and unanticipated events
such as terrorist activities. In some cases, you can identify
forward-looking statements by terminology such as "may," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or "continue," the negative of such terms, or other comparable
terminology. These statements are only predictions. Although we believe that
the expectations reflected in the forward-looking statements are reasonable,
such statements should not be regarded as a representation by the Company,
or any other person, that such forward-looking statements will be achieved.
We undertake no duty to update any of the forward-looking statements,
whether as a result of new information, future events or otherwise. In light
of the foregoing, readers are cautioned not to place undue reliance on such
forward-looking statements. For
further risk factors associated with our Company, review our SEC filings.