DALLAS, June 19, 2006 (PRIMEZONE) -- iWorld Projects & Systems, Inc. (Pink Sheets:IWPS) announced today that an Involuntary Bankruptcy petition was filed against the Corporation in United States Bankruptcy Court in the Middle District of Florida on June 14, 2006, by Robert Hipple, former CEO of the Corporation. The petition was filed under Chapter 7 of the Bankruptcy Code. In the filing, Mr. Hipple represented himself and iTrust Financial, Inc. of Cocoa, Florida, and claimed amounts owed by the Corporation of $47,925.82 to Mr. Hipple and $58,404.24 to iTrust Financial, Inc., a company owned by Mr. Hipple.
iWorld is currently evaluating the effect of this event on the Company, including impact on the Company's current financial condition, future capital requirements, turnaround plans and survival. The Company plans to dispute the bankruptcy petition and the amounts claimed to be owed to both parties. According to iWorld President, David Pells, "We were not only surprised by this action but also dismayed. In recent weeks, efforts have been underway to restructure the company and turn it around. We had no warning that Mr. Hipple planned to take this action. His motive is suspect, to say the least, and we can only speculate why he has taken this action without discussing it with the current management and Board. We certainly plan to dispute the filing in Florida."
iWorld Projects & Systems, Inc. is a Business Development Company (BDC) registered in the USA under the Investment Company Act of 1940 and also a reporting company for SEC purposes under the Securities Exchange Act of 1934. As a BDC, the Company is engaged in the business of investing in and assisting small public and private operating companies with a focus on project management.
Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.