NEWS RELEASE
CONTACT:
CreditRiskMonitor.com, Inc.
Jerry Flum,President &
CEO
(845) 230-3030
jerryf@crmz.com
FOR IMMEDIATE RELEASE
FLORAL PARK, NY—August 10,11,
2004—CreditRiskMonitor.com, Inc. (Symbol: CRMZ) announced today that it has
been awarded in excess of $820,000 in compensatory and punitive damages, plus
its legal fees and costs (the amount of which will be decided in a separate
hearing but are estimated by CRM to be approximately $850,000), in its
long-pending litigation against its competitor, Global Credit Services, Inc.
(“Global”), and a former Vice President, Samuel Fensterstock. The Supreme Court of the State of New York,
Nassau County, found the defendants to be in contempt of court for their breach
of a Settlement Agreement ordered by the Court on July 11, 2001.
Jerry Flum,President and
CEO, stated “The recognition by the Court of the long-term
Global patternas found by the Court of blatant disregard for contractual obligations and
court orders, as well as false statements made under oath, should put on notice
those who rely on Global to meet minimum standards of honesty and fair dealing.
The Court's own words outline a pattern of lies, intentional misstatements,
unethical and even malicious conduct.”
The following are selected quotes from the decision:
Mr. Flum further noted that “we are gratified and vindicated by the Court’s decision”, although he cautioned that “there can be no assurance that the damage award, legal fees and costs will be collectible in whole or in part.”
The text of the Court’s decision will be posted on CRM's website in the Investment section, at http://www.crmz.com/Docs/CourtDecision-2004-08-06.pdf.
CreditRiskMonitor.com is an Internet-based financial information analysis and news service designed for corporate credit professionals, whose web site is www.crmz.com.
Safe Harbor Statement: Certain statements in this press release,
including statements prefaced by the words "anticipates",
"estimates", “believes", "expects" or words of similar
meaning, constitute "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, expectations or achievements of the
Company to be materially different from any future results, performance or achievements expressed
or implied by such forward-looking statements, including, among others, those
risks, uncertainties and factors referenced from time to time as "risk
factors" or otherwise in the Company's Registration Statements or
Securities and Exchange Commission Reports.