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Celerity Names Homeland Security Industry Leader C. Thomas McMillen as New CEO
Tuesday August 30, 6:30 am ET
Enters homeland security business with $51 million capital commitment from Cornell Capital Partners; Announces intent to change name to Homeland Security Capital Corporation
KNOXVILLE, Tenn., Aug. 30 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY - News) announced today the appointment of C. Thomas McMillen to serve as President and Chief Executive Officer effective immediately. Rob Legnosky will relinquish his CEO and President positions and remain as President of Celerity's Nevada subsidiary.
McMillen has had a distinguished career in government, business, and sports. He currently serves as a founder, director, chairman and principal shareholder of Fortress America Acquisition Corporation, a homeland security industry-focused blank check company that recently completed its initial public offering of $46.8 million. Previously, McMillen served as a founder, chief executive officer and principal shareholder of Global Secure Corp., a homeland security company providing products and services for critical incident providers worldwide, which has recently filed for an initial public offering for as much as $100 million.
McMillen was appointed by President Clinton to Co-Chair the President's Council on Physical Fitness and Sports from 1993 to 1997. From 1987 through 1993, he served three consecutive terms in the United States House of Representatives from the 4th Congressional District of Maryland. Prior to that, Mr. McMillen played 11 years in the National Basketball Association. McMillen received a Bachelor of Science in chemistry from the University of Maryland, and a Bachelor and Master of Arts from Oxford University as a Rhodes Scholar.
"I look forward to building an expanded management team and leveraging the company's new financial commitment and our homeland security relationships to generate value for our shareholders" said McMillen.
"The homeland defense industry represents an exciting and strategic investment opportunity," said Michael Rosselli, Director of Mergers and Acquisitions, Corporate Finance at Cornell Capital Partners, L.P. "We have tremendous respect for Tom McMillen and are very enthusiastic about the long-term potential for the company."
New Strategic Direction and New Name
The company today announced that it intends to pursue a new strategic direction: to focus on owning and operating small and mid-sized growth businesses that provide homeland security solutions through innovative technologies to both the public and private sector and to drive growth through management, strategic guidance, capital and financial support, and government marketing expertise.
The company also announced today its intention to seek shareholder approval this October to change its name from Celerity Systems, Inc. to Homeland Security Capital Corporation to better reflect the company's new direction and objective to become a major player in the fast-growing homeland security industry. In addition, as part of its reorganization, the company will seek shareholder approval to withdraw its election as a business development company under the Investment Company Act of 1940.
As part of its new strategic direction, the company intends to immediately move its corporate headquarters to the Washington, DC area.
In addition, the company announced today that it has entered into term sheets for a $51 million financial commitment from Cornell Capital Partners to finance, in 2 parts, the company's new strategic direction, which shall be subject to execution of definitive documentation. The company expects to close the first part, a $1 million Preferred Stock offering by September 15, 2005. The company expects to close the second part upon the termination of the company's status as a business development company.
About Celerity Systems
Celerity Systems, Inc (OTC Bulletin Board: CESY - News) is an operating company focused on creating long-term value by taking controlling interest and developing its companies through superior operations and management. Celerity intends to operate businesses that provide homeland security product and service solutions.
About Cornell Capital Partners
Established in January 2001, and managed by U.S.-based Yorkville Advisors LLC, Cornell Capital Partners, LP has structured equity financings in the United States, United Kingdom and Australian financial markets among others. Cornell is a leader in equity financings for small and mid-cap companies and over the last twelve months has commitments in excess of $1.2 billion for approximately 114 publicly quoted corporations. Information regarding Cornell Capital Partners, LP can be found at http://www.cornellcapital.com.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts that address future activities, performance, events or developments are forward-looking statements. Although Celerity Systems, Inc. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
Source: Celerity Systems, Inc.