SOURCE: FusionStorm

FusionStorm - Making Technology Work

November 19, 2010 12:00 ET

FusionStorm Reaches Definitive Agreement With TIG

Agreement Is Final Settlement to All Claims in Judgment

SAN FRANCISCO, CA--(Marketwire - November 19, 2010) - FusionStorm today announced that the company has reached a definitive agreement with TIG for a final settlement of the $10.975 million judgment and obligation. 

In a company-wide communication on Tuesday, November 16th, Daniel Serpico, President of FusionStorm, stated, "I received word that we have reached a definitive agreement with TIG for a final settlement of the $10.975 million judgment and our obligation. Upon completion of today's transfers of cash and assignable Jeskell assets, we will be left with a modest balance due to TIG. This balance will be paid in principal installments of only $100,000 per month -- very affordable."

In addition to outlining the agreement in the company-wide email, Mr. Serpico praised TIG for their cooperation in reaching the mutual agreement. Throughout the entire process from the end of the trial to settlement, FusionStorm business grew by a record 40%, with strong support from their top technology partners, including Avnet Technology Solutions and lending partner GE. John Varel, CEO of FusionStorm, said, "I am proud of our team; they did an exceptional job while also managing steady growth and we are grateful to the support and patience displayed by our all of our clients, partners and friends through this ordeal. This is a true testament to the staying power of FusionStorm. With the settlement complete, we will become even better and stronger than before."

In October, CRN recognized FusionStorm with a special distinction, award: FusionStorm was recognized for being on the Fast Growth list for 5 years in a row. Additionally, FusionStorm President Daniel Serpico was awarded the EMC Partner Executive of the Year and just recently FusionStorm received the Emerson Network Power, the Avocent® Take Command® Program, Technology Partner of the Year Award.

FusionStorm -- "Making Technology Work" -- is a national provider of IT consulting, technology solutions and 24x7 managed services for enterprises of all sizes. The company assists organizations by providing complete solutions for system infrastructure, storage, networking, voice-over-IP communications, security, database, disaster recovery, virtualization, managed hosting, cloud computing and managed services, both onsite and in the data center.

FusionStorm, the FusionStorm logo and "Making Technology Work" are trademarks or registered trademarks of FusionStorm in the United States and other countries.

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