Business
Federal Court Delays Transition
Federal Court Delays Transition.
About this update from Allied Security Innovations Inc
[{"type":"text","content":"Federal Court Delays TransitionFurther Discovery Warranted FARMINGDALE, 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 Innovations, Inc. 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. “CGM-AST 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. About Allied Security Innovations, Inc.The company, based in Farmingdale, NJ, (Symbol: ADSV) develops and markets integrated enterprise-wide image applications specifically designed for criminal justice organizations. Customers include states, cities, counties, corrections, justice, and public safety agencies. Additional information is available online, at www.ddsi-cpc.com. Its subsidiary, CGM Applied Security Technologies, Inc., with locations in Farmingdale, NJ and a factory in Staten Isl...