This should go!!!
2004-01-05 14:44:11
New Horizon Capital Drops All Claims Against YP.Net's CEO; Angelo Tullo Exonerated
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Business Editors MESA, Ariz.--(BUSINESS WIRE)--YPNT-- YP.Net(TM) (OTC BB: YPNT), a leading provider of Internet Yellow Pages and related services, announced today that New Horizon Capital has dropped all claims against Angelo Tullo, YP.Net's chairman and chief executive officer. According to New Horizon Capital LLC, the decision to drop Tullo from the lawsuit was based upon the availability of new information concerning the testimony of several defendants in the case. "It became abundantly clear that the testimony of Mr. Tullo's former associates at American Business Funding Corp. was false in many instances," said Eric Atencio, managing member of New Horizon Capital LLC, successor in interest to American Business Funding Corp. "We realized that each of the other defendants stood to benefit by accusing Mr. Tullo, when in reality he was the individual solely responsible for informing the American Business Funding investors of the defendants' activities," stated Atencio. "The other defendants had represented to me that they had already informed the investors and that wasn't the case," Atencio further added. "As I later discovered, the egregious activities continued after Mr. Tullo's departure from American Business Funding Corp. Ultimately, they were stopped through Mr. Tullo's actions and those of the new board of directors. Once I realized what was really going on I took immediate action to end this litigation and drop the claims against Mr. Tullo," Atencio added. Tullo stated that he was gratified with the action. "This resolution is a vindication of my integrity and hard work on behalf of those investors in American Business Funding, as well as those investors in YP.Net," said Tullo. Daniel L. Coury Sr., YP.Net board independent member, added, "From the date we hired Mr. Tullo, he shared everything with the board. We knew what was right in regards to this case from the beginning and without Mr. Tullo, YP.Net would in all probability not be in business today and certainly would not be achieving its current results. That is why the board supported his defense and ultimately the board's decision has proven to be correct and has allowed the right result to occur when Mr. Tullo was vindicated." In contrast to the dismissal of claims against Tullo, New Horizon has obtained judgments against the other members of American Business Funding's former management, including Gene Monteleone for $7 million; John R. Wolfe for $180,000; and Allan Guttentag for $100,000. Conrad Kockerbeck settled with a payment of $80,000 while admitting no wrongdoing. About New Horizon Capital, LLC New Horizon Capital, LLC (www.new-cap.net) is a private company that provides short-term accounts receivable and inventory financing and factoring to small to medium-sized companies experiencing vertical growth and expansion. Based in Scottsdale, Ariz., New Horizon is now sufficiently capitalized to fund a national expansion with its unique programs. Eric Atencio, the managing member, has been in the factoring and financing business for more than 19 years, building up multimillion dollar portfolios for several asset-based lending firms during his career. New Horizon Capital is a long-time member of Robert Morris and Associates ("RMA"), Nevada Development Authority ("NDA") and the Turn Around Management Association ("TMA"). About YP.Net Inc. YP.Net Inc., a leading provider of Internet-based Yellow Pages services, offers an Internet Advertising Package ("IAP") that includes a Mini-WebPage(TM) and Preferred Listing through its Yellow Pages Web site at www.YP.Com. The company's Web site contains listings for approximately 18 million businesses in the United States and 150 million individuals in the United States and Canada. As of Sept. 30, 2003, YP.Net Inc. has 255,376 IAP advertisers. YP.Net also provides an array of other Internet services that complement its Yellow Pages Web site, including an Internet Dial-Up Package(TM) (dial-up Internet access) and QuickSite(TM) (Web site design & hosting services). YP.Net is a longstanding member, exhibitor and sponsor of the two major Yellow Pages trade associations -- Yellow Page Integrated Media Association (YPIMA), the major trade association of Yellow Pages publishers throughout the world, and the Association of Directory Publishers (ADP), which mostly represents independent Yellow Pages publishers. YP.Net Inc. is based in Mesa, Ariz. For more information, visit the Web site at www.YP.Com. KEYWORD: ARIZONA INDUSTRY KEYWORD: RETAIL BANKING BANKING TELECOMMUNICATIONS E-COMMERCE INTERNET SOURCE: YP.Net Inc. CONTACT INFORMATION: YP.Net Inc., Mesa Roger H. Bedier, 480-654-9646, ext. 1239 Fax: 480-654-9747 or New Horizon Capital, LLC Eric Atencio, 480-970-0472, ext. 138 eatencio@new-cap.net
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