| Home : February 02 2011 Computer News : Highline Technical Innovations, Inc. Takes Steps to Eliminate Convertible Debt |
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Highline Technical Innovations, Inc. Takes Steps to Eliminate Convertible Debt |
February 02, 2011
FARMINGTON, AR--(Marketwire - February 2, 2011) - Highline Technical Innovations, Inc. (PINKSHEETS: HLNT) announced today that it is taking further steps to eliminate the company of all debt. In March 2010, HTI was sued by the PIPE funder NIR Group for notes that were transferred to HTI, formerly Systems Evolution, Inc. in December 2008. HTI contends that the notes were transferred to HTI to defraud the shareholders of the company. In January 2011, HTI filed a countersuit for both compensatory and punitive damages against NIR and other 3rd parties. The company has retained the services of Sheppard Mullin, a New York based law firm, as representation for the case and the management of HTI feels they have a very good argument to make. The company's financial filings with pinksheets reflect a convertible note for the NIR group in the amount of $5,710,403. The NIR note amount has
Link: http://www.marketwire.com/mw/release.do?id=1389858&sourceType=3
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