SOURCE: Case Financial Inc.

June 12, 2006 14:32 ET

Case Financial, Inc. Announces Settlement and Return of Shares of Common Stock

CARLSBAD, CA -- (MARKET WIRE) -- June 12, 2006 -- Case Financial, Inc. (OTCBB: CSEF) today announced it has entered into a settlement agreement with certain creditors of Old Case Inc. Under the terms of the settlement agreement, those creditors have returned to Case Financial an aggregate of 1,812,424 common shares of Case Financial stock, thereby reducing the total number of CSEF shares outstanding to 21,856,812.

The shares being returned had been issued in May, 2002 as part of an asset purchase agreement.

This settlement agreement specifically releases each of the named creditors from any and all claims against them by Case Financial and indemnifies those creditors against any and all cross claims by former Old Case creditors, officers, and directors. However, the agreement does not release certain officers and directors who are being sued by Case Financial in a derivative shareholder lawsuit initiated on March 16, 2005 in the Court of Chancery in Delaware.

Contact Information

  • Contact:
    Lawrence Schaffer
    Case Financial, Inc.
    Tel. 760 804 1449