TAMPA , Fla., Jan. 29 /PRNewswire-FirstCall/ -- Stinger Systems, Inc. (OTC Bulletin Board: STIY), a leader in electro-stun technology, today announced that the SEC filed a complaint against the company and Robert Gruder, its Chief Executive Officer. The allegations in the complaint relate to the same subject matter of the previously-disclosed SEC investigation involving events in 2004 and 2005. The allegations in the complaint do not relate to Stinger's current stun-gun product.
The Company is obviously disappointed in this development, but it intends to vigorously defend itself in court and is optimistic that it will prevail.
Mr. Gruder commented that "I do not believe I committed securities fraud.
In fact, I have invested approximately
ABOUT STINGER SYSTEMS
Stinger Systems, Inc., a leading provider of electro stun technologies, develops and sells a broad array of products utilizing advanced electro sparc- pulsed technology to police, corrections, and security sectors worldwide. http://www.stingersystems.com.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are based on Stinger Systems' current intent, belief and expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that are difficult to predict. Actual results may differ materially from these forward-looking statements because of the risks described in Stinger Systems' filings with the Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. Stinger Systems undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances, or otherwise
SOURCE Stinger Systems, Inc.