SOURCE: Estate Vault

October 15, 2010 20:12 ET

The Estate Vault Inc. Announces Change to Board of Directors

LAS VEGAS, NV--(Marketwire - October 15, 2010) -  The Estate Vault Inc. (PINKSHEETS: TEVI), a leading provider of secure, personal digital content value added products and services to organizations in the financial services industry, announced today that Mr. Boyd Soussana, CEO and a director, has resigned from active duties associated with The Estate Vault. Mr. Soussana resigned as the CEO of the Company as a result of the criminal indictment filed against him and the likely distraction and impact that the pending investigation could have on the ongoing operations of the Company. The indictment, handed down in the Southern District of Florida, alleges Mr. Soussana violated the Securities Act of 1933 and the Securities Exchange Act of 1934 as well as alleged violations of other U.S. statutes in connection with the Company's common stock. 

TEVI has considered it to be in its best interest to accept the resignation of Mr. Boyd Soussana as a director and as CEO of TEVI. Edward Deutsch, President of TEVI, will be assuming the role of CEO and overseeing the day to day operations of the company; and stated; "The Estate Vault's operations and customer service are unaffected by Mr. Soussana's resignation. Estate Vault technology, architecture, products and solution platform will continue to set the standard for how to store and share personal secure data."

While the Board notes the company was named as a party in the civil action, it believes the charges are solely related to Mr. Soussana's activities. The Board emphasized its firm commitment to fully cooperate with regulators and law enforcement officials and resolve any issues involving the company. The Board is proceeding with all of TEVI's business and product development plans and believes that Soussana's aberrant behaviour should have no long term adverse impact on the company.

About The Estate Vault Inc.

The Estate Vault Inc. was developed as a user-friendly solution for the daunting task of organizing and storing all financial, personal, legal and medical documents and information, up-to-date and in a single, secured location. Together with its strategic product partners, The Estate Vault has packaged its unique "information vault" application into the end-users' choice of three distinct computer-based mediums: locally- or PC-based; Web-based, and USB flash drive-based, the latter of which not only stores the user's information but also includes the executable application housed internally. All three methods enable the end-user secured, autonomous control of the storage and retrieval of the stored data.

The Estate Vault intends to become the leader in value-added products and services to the financial services and direct-to-consumer industries by providing a product and service at a low price point and then leveraging technology known as IntelliAD and IntelliBrand to maximize brand awareness. For additional information, please visit:

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Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, which is dependent upon its ability to secure additional needed capital, the level of costs incurred in connection with the Company's planned expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements.

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