Oak Ridge Micro-Energy Announces
Court Grants Motion
for Deposit of Shares of Stock
CONTACT:
Mark Meriwether
(801) 556-5228
mark.m@oakridgemicro.com
OAK RIDGE, Tennessee -- May 16,
2005 -- Oak Ridge Micro-Energy (OTCBB:OKME)
announced that the Third Judicial District Court,
in the State of Utah, County of Salt Lake, has
granted Oak Ridge's Motion to order the defendants
in the action of Oak Ridge Micro-Energy vs. Timothy
Rock, Andrew Goodell, Water & Gold, Inc. and
Jeffrey Kohutka to deliver to the Court Clerk
certain shares of Oak Ridge Micro-Energy common
stock.
On August 27, 2004, Oak Ridge commenced
an action against Rock, Goodell, Water & Gold,
Inc. and Kohutka, asserting claims against these
individuals for violations of Utah's Uniform Securities
Act, Utah Code Ann. Section 61-1-1 et seq.; Fraudulent
Inducement and Conspiracy to Defraud; Misappropriation
and conversion; and Breach of Contract. Oak Ridge
also sought a Preliminary and Permanent Injunction
against the defendants enjoining them from selling,
transferring or otherwise encumbering any of the
shares that these individuals had obtained from
Oak Ridge pending the outcome of the case.
On December 21 and December 22,
2004, the Court found that Oak Ridge had established
a substantial likelihood of prevailing on the
merits of its claims that defendants Rock, Goodell,
Water & Gold and Kohutka had violated Utah's
Uniform Securities Act, Utah Code Ann. Section
61-1-1; that if the injunction was not issued,
Oak Ridge would be irreparably harmed; that the
harm to Oak Ridge in the event an injunction was
not issued would not outweigh any harm to the
defendants; and that the public interest would
not be affected by the granting of the Preliminary
Injunction. The Court also ordered Oak Ridge to
post a $100,000 bond.
Evidence presented at this hearing
detailed approximately 5,000,000 shares that were
the subject of the Preliminary Injunction.
In furtherance of the Court's Preliminary
Injunction and at a hearing held on Oak Ridge's
Motion on May 10, 2005, the Court verbally ordered
defendants Rock, Goodell, Water & Gold and
Kohutka to forthwith deliver or cause to be delivered
all shares of Oak Ridge common stock that were
the subject of the Preliminary Injunction, whether
held by the defendants or deposited in their respective
brokerage accounts or other repositories, to the
Clerk of the Court, to be held by such Clerk until
a final adjudication of Oak Ridge's legal action.
The Court Order will be reduced to writing within
seven days.
About Oak Ridge Micro-Energy
Inc.
Oak Ridge Micro-Energy Inc. produces
thin film, solid-state batteries for commercial,
consumer, industrial, homeland security, government,
and medical applications. The Oak Ridge Micro-Energy
thin film battery is rechargeable, lithium-based,
and the active battery layers are manufactured
to be significantly thinner than common plastic
wrap. The Company's batteries are intended for
applications such as wireless smart sensors that
operate in harsh environments, security cards,
radio frequency identification (RFID) tags, semiconductor
non-volatile memory chips, and advanced medical
devices. Initial production will target specialized
high margin markets. However, continued expansion
of the Company manufacturing capacity, internally
and through partnerships, will allow the Company
to reduce the manufacturing costs per battery
and move into larger markets, such as RFID tags
and smart cards.
The Company maintains offices in
Oak Ridge, Tenn. and Salt Lake City. Additional
information on Oak Ridge Micro-Energy Inc. may
be obtained by visiting the Company's Web site
at http://www.oakridgemicro.com.
"Safe Harbor" Statement
under the Private Securities Litigation Reform
Act of 1995 Statements in this press release relating
to plans, strategies, economic performance and
trends, projections of results of specific activities
or investments, and other statements that are
not descriptions of historical facts may be forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Forward-looking
information is inherently subject to risks and
uncertainties, and actual results could differ
materially from those currently anticipated due
to a number of factors, which include, but are
not limited to, risk factors inherent in doing
business. Forward-looking statements may be identified
by terms such as "may," "will,"
"should," "could," "expects,"
"plans," "intends," "anticipates,"
"believes," "estimates," "predicts,"
"forecasts," "potential,"
or "continue," or similar terms or the
negative of these terms. Although we believe that
the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee
future results, levels of activity, performance
or achievements. The Company has no obligation
to update these forward-looking statements.
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