PPID News Prescient Applied Intelligence's Holders of Series E Preferred Stock Approved a Settlement Agreement with TAK Investments, LLC; All Outstanding Issues Resolved, Including the Termination of Approximately $7.3 Million in Outsourcing Commitments
WEST CHESTER, Pa.--(BUSINESS WIRE)--Aug. 10, 2006--Prescient Applied Intelligence, Inc. (OTCBB:PPID), a leading provider of supply chain and advanced commerce solutions for retailers and suppliers, today announced that a settlement agreement, with TAK Investments, LLC (TAK) and one of its affiliates concerning an ongoing dispute with respect to Prescient's outsourcing agreement with TAK, among other issues, was approved today by holders of Prescient's Series E Convertible Preferred Stock. In connection with the approval of the settlement agreement, Prescient issued a three year secured promissory note to TAK in the principal amount of approximately $2,552,000 and a warrant to purchase 1,000,000 shares of Prescient's common stock on or before December 31, 2006 at an exercise price equal to the closing share price of Prescient's common stock on the day immediately preceding the date of the grant plus 10%.
About Prescient Applied Intelligence:
Prescient, founded in 1985 (OTCBB:PPID), is a leading provider of supply chain and advanced commerce solutions for retailers and suppliers. Prescient's solutions capture information at the point of sale, provide greater visibility into real-time demand and turn data into actionable information across the entire supply chain. As a result, the Company's products and services enable trading partners to compete effectively, increase profitability and excel in today's retail business climate. Household brand names like Ahold, AutoZone, Coors, Domino's Pizza, Rite Aid, Sara Lee, Schwan's and Wyeth rely on Prescient. For more information, go to www.prescient.com.
Forward-Looking Statement:
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "if," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to Prescient Applied Intelligence, Inc. are intended to identify such forward-looking statements. Prescient may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in Prescient's report on Form 10-KSB filed with the Securities and Exchange Commission and its other filings under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
