WEST BERLIN, N.J.--(BUSINESS WIRE)--EP MedSystems, Inc. (NASDAQ: EPMD) today announced that the Company has executed a Settlement Agreement with the United States Department of the Treasury and deems the issues related to its shipment of products to restricted countries in 2004 and earlier to be closed. In the Settlement Agreement the Company does not admit or deny guilt, but agrees to settle for $33,000 with no restrictions on commercial or export activities, which has been remitted to the government. The Company had accrued $44,000 for this penalty in its books as of September 30, 2006 based on the oral representations at that time.
