Icop issues 600,000 shares to settle litigation regarding financing

Iroquois Master Fund, Alpha Capital accept common shares, drop lawsuit

By Devika Patel

Knoxville, Tenn., Nov. 4 - Icop Digital Inc. entered a settlement agreement with investors Iroquois Master Fund, Ltd. and Alpha Capital Anstalt on Nov. 1, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The investors had filed a lawsuit against the company, and the company responded with counterclaims against the investors. The lawsuit was apropos the company's registered direct offering of stock, which settled in February.

In the settlement agreement, Icop agreed to issue 600,000 unregistered common shares to the investors in exchange for their surrender of the series 1 warrants they received in the offering and release of the company from claims made in the litigation. The new shares were valued at $1.73 per share.

The company said in the filing that it believes this settlement will assist it in moving forward with its business plan, free from the distraction and expense of the litigation and the dilution and other rights that accompanied the series 1 warrants.

Based in Lenexa, Kan., Icop develops security, surveillance and communications products used in the public and private sectors.

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