Federal Court Delays Transition
Further Discovery Warranted
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
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.
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.
Allied Security Innovations, Inc.
The company, based in Farmingdale, NJ, (Symbol: ADSV) develops and markets
integrated enterprise-wide image applications specifically designed for
organizations. Customers include states, cities, counties, corrections,
justice, and public safety agencies. Additional information is available
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
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
a number of risks and uncertainties. The actual future results of the
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further risk factors associated with our Company, review our SEC filings.