SOURCE: iWorld Projects & Systems, Inc.

September 22, 2006 19:09 ET

iWorld Projects & Systems, Inc. Announces Settlement With Former CEO and Dismissal of Bankruptcy

DALLAS, TX -- (MARKET WIRE) -- September 22, 2006 --iWorld Projects & Systems, Inc. (PINKSHEETS: IWPS) announced today that the Company has reached a settlement agreement with its former CEO Robert Hipple and that the Bankruptcy petition previously filed against the Corporation in Florida has been dismissed by the court. Mr. Hipple had filed an involuntary Chapter 7 Bankruptcy petition against the Company in United States Bankruptcy Court in the Middle District of Florida on June 14, 2006.

According to iWorld President David Pells, "The dismissal of the bankruptcy threat in Florida is an important achievement. We can now bring new business and financing into the Company, which we have been unable to do for the last three months. With the bankruptcy out of the way, we can now really launch a turnaround for iWorld. I am excited about the possibilities, and committed to returning to the vision we began with two years ago -- to create a global resource for the world of project management."

Terms of the settlement with Mr. Hipple will be fully disclosed in an 8-K filing with the SEC within the next few days.

iWorld Projects & Systems, Inc. is registered as a Business Development Company (BDC) in the USA under the Investment Company Act of 1940 and is 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

This news release may contain forward-looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 that are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including 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. Actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Investor Relations Contact:
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    Jack Eversull
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