LOS ANGELES, Dec. 31 2004 – LAWFUEL – Best for law news — Save The World Air, Inc.,
(Pink Sheets: ZERO) today announced that the US District Court, Southern
District of New York, has denied motions filed by SWA’s former CEO and
President Jeffery Muller and various members of his family related to a
cross-complaint brought against them by Save The World Air, Inc. and the US
Securities and Exchange Commission.
Jeffery Muller and members of his family filed seven separate motions,
including dismissal of the cross-complaint, the vacating of the 2002
preliminary injunction and a summary judgment. All of which were denied.
Regarding Mr. Muller’s request for a summary judgment dismissing the
cross-complaint, Judge George B. Daniels wrote: “For the most part, Jeffery
Muller offers his own self-serving statements to dispute the validity of the
factual allegations in the cross-complaint. Such a proffer constitutes
inadmissible hearsay, and is insufficient to satisfy movant’s burden of
proof.” Judge Daniels also wrote: “Moreover, the assets, or a significant
portion thereof, were allegedly obtained as a result of Jeffery Muller’s
fraudulent activities in looting SWA. Those assets should therefore be
preserved until litigation is resolved.”
“We are very gratified by the Judge’s decision on these matters and are
looking forward with optimism to a final ruling on our summary judgment motion
in the near future,” said Edward Masry, SWA’s Chief Executive Officer. “Once
that happens, we hope to close the book on Mr. Muller’s involvement with SWA
and focus on bringing the CAT-MATE and our other great products to market.”
On December 19, 2001, the SEC filed civil charges against Mr. Muller
alleging that he and others engaged in a fraudulent scheme to promote SWA
stock. In March, 2002, SWA reached a settlement on this case under which the
Company was not required to pay any fines or restitution. In July 2002, after
an investigation by its newly constituted board of directors, SWA filed a
cross-complaint in the SEC action against Mr. Muller and others seeking
injunctive relief, disgorgement and financial restitution for a variety of
acts and omissions in connection with sales of SWA stock and other
transactions occurring between 1998 and 2002. A final ruling on these cases
is anticipated in early 2005.
Save The World Air, Inc., was created to develop devices using proprietary
technologies that can be installed on motor vehicles to reduce harmful
emissions, improve fuel efficiency, and/or improve performance.
Judge George B. Daniels’ Memorandum Decision and Order can be viewed at
Safe Harbor Statement
The statements contained herein, which are not historical, are
forward looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward looking statements, including, but not limited to, SWA’s ability to
market its technologies and devices and future customer acceptance for these
products and services and other risks set forth in SWA’s filings and future
filings with the Securities and Exchange Commission, including those set forth
in SWA’s Annual Report on Form 10-KSB for the year ended Dec. 31, 2003.
For more information please contact: Jason Booth of Sitrick And Company,
+1-310-788-2850, for Save The World Air, Inc.