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Originally posted by stockchick:
anyone still in on this one?

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Celerity Systems Files 10K for Year Ended December 31, 2003
Friday April 23, 3:35 pm ET

KNOXVILLE, Tenn., April 23 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY - News), a business development company focused on providing capital formation, management advice and investments in developing companies, announced today that on April 15, 2004 the Company filed its Form 10K, which is available at http://www.sec.gov.
On December 1, 2003, Celerity purchased a minority interest in Yorkville Advisors Management, LLC., an investment manager of a private equity fund. As of December 31, 2003, Celerity received $65,000 in dividend income. Total operating loss for December 31, 2003 was ($1,428,388) as compared to ($2,366,662) for the prior year period. For the year ended December 31, 2003, the Company had a net loss of ($1,558,848) as compared to ($4,455,706) for the year ended December 31, 2002.

Celerity President and CEO Robert Legnosky stated, "Year 2003 marked a significant, positive turnaround for Celerity. During the year, we significantly streamlined our business operations, reducing our total liabilities from $7,020,281 at December 31, 2002 to $3,526,431 at December 31, 2003. This reduction of $3,493,850 includes a decrease in current liabilities of $2,605,815. We lowered our operating expenses by $1,394,471 and increased our shareholders' equity by $7,234,197 million to $1,980,709 million at December 31, 2003."

Legnosky continued, "As a business development company, our new business plan is primarily focused on identifying and investing in cash generating investment opportunities in developing companies that continue to build shareholder value. We are not limited to any single industry or business. Our first investment, Yorkville, has already made a positive impact to our 2003 operating income, and we expect a solid and much improved first quarter of 2004 as a result of this investment."