|Sep. 03, 2015||Print This | Email This|
New Hampshire Bankruptcy Court Issues Favorable Decision to Ezenia! Inc.
SALEM, N.H., Sept. 3, 2015 /PRNewswire/ -- Ezenia! Inc. ("Ezenia" or the "Company") today announced that the bankruptcy court has issued a favorable ruling for the Company in its years-long dispute with former CEO Khoa Nguyen. Specifically, the court (i) denied Nguyen's claims for severance benefits and federal income tax damages, (ii) limited Nguyen's allowed claims for deferred compensation, (iii) denied Nguyen's sanctions motion against the Company in their entirety, and (iv) granted the Company's sanctions motion against Nguyen in the amount of $45,000.
The Company had previously escrowed funds to reserve for the entire amount of the claims sought by Nguyen. Following the bankruptcy court's decision, these funds will now be released from escrow and used to repay a material portion of the Company's outstanding indebtedness. The conclusion of this matter and resulting debt reduction will allow the Company to resume its focus on developing a next generation platform for insider threat detection and unified communications.
About Ezenia! Inc.
Ezenia! Inc., which operates its software business through a newly formed subsidiary, Talarc Technologies LLC, has a long track record of working with the US Armed Forces and intelligence agencies to provide a secure collaboration/communications platform. The Company seeks to leverage this experience in its next generation platform, which is intended to promote unified communications and protect the critical information of the U.S Department of Defense, Armed Forces and intelligence agencies from cybersecurity threats and information leaks. For more information about Ezenia, visit www.ezenia.com. Ezenia! Inc. common stock is not listed, traded or quoted on any U.S. stock exchange but is quoted on the OTC Pink Market under the symbol EZEN.
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SOURCE Ezenia! Inc.