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Settlement Reached in Lawsuit Between Pomeroy IT Solutions, Inc. and Former CEO Stephen E. Pomeroy
HEBRON, Ky.-(Business Wire)-March 14, 2008 - Pomeroy IT Solutions, Inc. (NASDAQ: PMRY) announced today that a settlement has been reached in the contract dispute between Pomeroy IT Solutions, Inc. and its former President/CEO, Stephen E. Pomeroy. In August, 2007, Mr. Pomeroy filed suit in the Boone County Circuit Court claiming that the company had breached his Employment Contract when he was terminated on July 3, 2007. Mr. Pomeroy also asserted claims against certain directors and officers of the company, as well as one of the company's shareholders, Flagg Street Capital, LLC. Rather than engaging in protracted litigation, the parties agreed to mediate the dispute and, through that process, were able to reach a global settlement. While the terms of the settlement are confidential, all parties expressed satisfaction with the result and expressly wished each other well in their future endeavors.
About Pomeroy IT Solutions, Inc.
Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure solutions focused on enterprise, network and end-user technologies. Leveraging its core competencies in IT Outsourcing and Professional Services, Pomeroy delivers consulting, deployment, operational, staffing and product sourcing solutions through the disciplines of Six-Sigma, program and project management, and industry best practices. Pomeroy's consultative approach and adaptive methodology enables Fortune 2000 corporations, government entities, and mid-market clients to realize their business goals and objectives by leveraging information technology to simplify complexities, increase productivity, reduce costs, and improve profitability. For more information, go to www.pomeroy.com.
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