ST. PAUL, Minn., Nov. 27 /PRNewswire-FirstCall/ -- Hypertension Diagnostics, Inc. , today announced that a cash settlement in lieu of common stock has been agreed to in the matter of Charles F. Chesney, et al. (“Chesney”) vs. Hypertension Diagnostics, Inc., et al. (“HDI”). Chesney agreed to accept a cash payment of $46,000 in lieu of 714,286 shares of registered common stock. The requirement for HDI to provide 714,286 registered shares was associated with a previous court order that provided for a cash payment of $138,381.79 and 714,286 shares of freely tradable HDI common stock. The $46,000 cash payment satisfies the requirement to provide $100,000 worth of freely tradable shares of HDI common stock.
“We are pleased to have fully resolved this issue, thus alleviating the selling pressure that such a large block of registered HDI shares would have caused,” commented Mark N. Schwartz, CEO.
Forward-looking statements in this press release are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company wishes to caution readers not to place undue reliance on any forward-looking statements and to recognize that the statements are not a prediction of actual future results. Actual results could differ materially from those presented and anticipated in the forward-looking statements due to the risks and uncertainties set forth in the Company’s 2006 Annual Report on Form 10-KSB, and subsequent Quarterly Reports on 10-QSB, all of which were filed with the U.S. Securities and Exchange Commission.
CVProfilor is a registered trademark of Hypertension Diagnostics, Inc. Hypertension Diagnostics, HDI/PulseWave, PulseWave and CVProfile are trademarks of Hypertension Diagnostics, Inc. All rights reserved.
Hypertension Diagnostics, Inc.
CONTACT: Mark N. Schwartz, CEO of Hypertension Diagnostics, Inc.,+1-651-687-9999
Web site: http://www.hdii.com/
