UTRX Unitronix Corporation (PK)

Unitronix Corporation (�Unitronix�) announces that it has entered into a Settlement Agreement and Contingent Release with Dan Clasby and Company (�Clasby�) regarding a dispute arising between the parties from the suspension of trading privileges on the Over the Counter Bulletin Board (�OTTCB�) for Unitronix Common Shares and the subsequent loss of reporting privileges with the U.S. Securities and Exchange Commission �SEC�. Unitronix alleged that the suspension of trading privileges on the OTTCB and the loss of reporting privileges with the SEC were the result of errors and omissions by Clasby in the rendering of, or failure to appropriately render professional services to Unitronix. Specifically, Clasby did not register with the Accounting Oversight Board which was required in 2004 for all SEC reporting companies. The Agreement does not constitute an admission by either party of any violation of any law or statute and the parties agree that neither this Agreement nor the furnishing of consideration shall be deemed or construed for any purpose as evidence or an admission of liability or wrongful conduct of any kind by either party. In consideration for signing the Settlement Agreement and Release and the fulfillment of promises herein, Clasby agrees to provide: a. Services to prepare and otherwise complete Federal, State of New Jersey and State of South Carolina and Corporate Tax Returns for each fiscal year ended 2004 through 2009. b. Any other tax returns if required for the jurisdictions referenced in �a� above for the fiscal years ended 2004 through 2006. c. Waiver of any fee for services that have been or will be experienced as a result of performance under this Agreement. Unitronix will enter into an Agreement for the standard rules of engagement reflecting the waiver of fees. Additional services, if requested by Unitronix and performed by Clasby, will be billed at negotiated rates. d. Cancellation of all bills and invoices to Unitronix for any work in progress, unbilled services, or billed services that have not been paid. Clasby agrees that it will cancel any accounts receivable owed to Clasby by Unitronix. In consideration for signing this Settlement Agreement and Contingent Release and the fulfillment and performance of the promises herein, Unitronix agrees to: a. Release all claims against Clasby upon fulfillment and performance of all of Clasby�s promises as stated herein. b. Provide Clasby with the information required by Clasby to perform the services referred to in this Agreement. As the performance of some of the promises in this Agreement will not occur until 2009 and thereafter, the parties agree that the Agreement will operate as a Tolling Agreement for any statute of limitation that could have or may be asserted in the future for the release of claims until July 15, 2010. Unitronix considers the settlement fair and in the interest of the company. Safe Harbor Statement. This release includes �forward-looking statements�. These statements are based on current expectations, and involve a number of factors that could cause actual results to differ materially from those stated or implied. Unitronix expressly does not undertake any duty to update such statements.