ST. PETERSBURG, Fla., July 20, 2007 (PRIME NEWSWIRE) -- World Energy Solutions, Inc. (OTCBB:WEGY), a company focused on energy conservation technologies and environmental sustainability, is pleased to report today that the Company has obtained a default judgment as to liability against defendant, David L. Weintraub, in its lawsuit styled World Energy Solutions, Inc. v. David Weintraub, et al. (the "Litigation").
The Court had previously denied Weintraub's motion to vacate the default and on July 16, 2007, the Court entered an order denying Weintraub's motion for rehearing regarding the earlier motion to vacate. The Company is suing Weintraub and others and has alleged various claims including fraud in the inducement, conspiracy to defraud and breach of contract.
On July 13, 2007, the Company's Board of Directors executed a resolution concluding that shares of Company common stock previously issued to Litigation defendants Rachel Steele, Rajax, Inc. and Daniel Witherspoon III, were procured by such defendants through fraud and without tendering promised consideration. The Company determined that in order to protect the integrity of its capital structure, its legitimate shareholders and the public market for its securities, that it was appropriate to cancel the remaining shares held by such individuals and entity. The Company is hereby publishing notice that it has canceled the following Company stock certificates and shares represented thereby:
Certificate # 4139 (800,000 shares-Rajax, Inc.); Certificate # 4144 (500,000 shares-Rachel Steele); Certificate # 4145 (500,000 shares-Rachel Steele); Certificate # 5065 (500,000 shares-Rachel Steele); Certificate # 5066 (500,000 shares-Rachel Steele); Certificate # 5067 (434,500 shares-Rachel Steele); Certificate # 5122 (298,551 shares-Rachel Steele); Certificate # 5162 (429,500 shares-Rachel Steele); Certificate # 5197 (410,000 shares-Rachel Steele); Certificate # 5220 (7,000 shares-Daniel Witherspoon III); Certificate # 5226 (70,000 shares-Daniel Witherspoon III).
Accordingly, the aforementioned Company stock certificates and the shares of Company common stock represented thereby are canceled, are null and void and may not be transferred, sold or hypothecated by or to any person or entity and the Company will not honor any transfer request regarding the above referenced shares of its common stock. Certain of the certificates may bear the former name of the Company which is: "Advanced 3-D Ultrasound Services, Inc."
World Energy Solutions, Inc. (OTCBB:WEGY) is an Energy Services Company and electronics manufacturer. WES's primary business focus is the development of technology for lowering electrical, gas and water usage for commercial, government and residential facilities. For more information about WES please visit its website at www.wesinc.net.
Forward-Looking Statements
Certain matters discussed in this press release are 'forward-looking statements.' These forward-looking statements can generally be identified as such because the context of the statement will include words such as 'expects,' 'should,' 'believes,' 'anticipates' or words of similar import. Similarly, statements that describe World Energy Solutions' future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of World Energy Solutions, which could cause actual results to differ materially from those currently anticipated. Although World Energy Solutions believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and World Energy Solutions does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.