LEGAL PROCEEDINGS
We became a party in one material matter during the second quarter of 2008.
Sigma International Holdings, Inc. v. View Systems, Inc.
In August 2006 we entered into a consulting agreement with The Riderwood Group, a Maryland limited liability investment banker, for the purpose of assisting in raising private equity financing and finding suitable acquisition targets. The Riderwood Group subsequently introduced the Company to Sigma International Holdings in 2007 which signed a non-binding merger and acquisition agreement and in addition loaned us $250,000. Sigma soon thereafter demanded satisfaction of their note or a control block of the company. The BOD decided not to give Sigma control of View Systems. Sigma sued the company on the note and was awarded a judgment on May 11, 2008 in Montgomery County Maryland, case number 288395-V, for $296,000.00 which included interest and legal fees.
The Board of Directors of View Systems after several meetings decided to settle the debt, $296,000 plus another $5,196.50 interest and costs for a total of $301,196.50, which was paid to Sigma International Holdings for full and final settlement. Of the total, $100,000 was paid by the company. Our director, Dr. Michael Bagnoli, provided the balance of $201,196.50.
On September 4th, 2008, we received documents with the acknowledgement of full Satisfaction of Judgment effective on the 29th of August, 2008 in the District Court of Denver, CO.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
View Systems, Inc.
(Registrant)
Date: September 10, 2008
/s/ Gunther Than
Gunther Than, CEO
(Signature)*
*Print name and title of the signing officer under his signature.