Wednesday, November 23, 2005

 

Warning Management Services Inc. and Berryman & Henigar Settle Lawsuit

Press ReleaseSource: Warning Management Services, Inc.

Warning Management Services Inc. and Berryman & Henigar Settle Lawsuit
Monday November 28, 5:00 am ET

BEVERLY HILLS, Calif., Nov. 28 /PRNewswire-FirstCall/ -- Warning Management Services Inc. (OTC: WNMI - News) today announced that the Company and Berryman & Henigar Enterprises have agreed to settle a lawsuit filed by Berryman & Henigar in February 2005. In an agreement signed by both companies, Berryman & Henigar and Warning Management Services agree to settle all claims and terminate litigation proceedings immediately.

Warning Management Services will in the settlement make three payments to Berryman & Henigar, totaling $380,000. These payments represent all monies due to B & H, including accrued interest, for the balance of the purchase price of Employment Systems Inc. (ESI). The settlement equates to a reduction of approximately $370,000 in the price Warning Management Services paid for ESI.

Brian Bonar, Warning Management Services CEO, said, "We are gratified and encouraged by the settlement filed with the Superior Court of the State of California, ending the lawsuit. The settlement vindicates Warning Management Service's belief that we initially over-paid for ESI." Bonar stressed that the Company considers the settlement "in the best interest of Warning Management Services and its shareholders."

About Warning Management Services Inc.:

Warning Management Services, founded in 1998, develops and supplies models for fashion editorials in magazines, catalogs and newspaper advertisements and for advertising clients who use models in posters, websites, billboards and other outlets. Also, Warning Management models make TV, video and personal appearances.

The Company also owns Employment Systems, Inc., which provides staffing services and business processing services to municipalities and small businesses throughout Southern California.

Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K for the year ended Dec. 31, 2004, and its subsequent filings with the SEC.

    Contact:
Brian Bonar, Chief Executive Officer
Warning Management Services, Inc.
(310) 860-9969

Paul Knopick
E & E Communications
949/707-5365


Source: Warning Management Services, Inc.

Comments: Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?