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EXHIBIT 99.1
NEWS RELEASE
[CELERIS CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE
CONTACT: PAUL R. JOHNSON
CHIEF FINANCIAL OFFICER
(615) 341-0223
CELERIS CORPORATION RECEIVES REVERSAL OF DECISION ON
DAVID FOSTER ET. AL V. SUMMIT MEDICAL SYSTEMS, INC., ET. AL
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COMPANY INTENDS TO PETITION MINNESOTA SUPREME COURT FOR REVIEW OF DECISION
NASHVILLE, Tennessee (May 17, 2000) -- Celeris Corporation (Nasdaq/NM:CRSC)
today announced that the Minnesota Court of Appeals has issued an opinion
reversing a lower court decision that had held that the Company's directors and
officers insurance policies covered claims for any monetary liabilities and
expenses associated with the Company's ongoing securities class action
litigation and Securities and Exchange Commission investigation. The Minnesota
Court of Appeals concluded that coverage is barred by the policies' retroactive
date exclusion. The Company intends to pursue a review of the appellate decision
by the Minnesota Supreme Court.
Celeris Corporation is a provider of specialty clinical research
services and information technology services that expedite and streamline the
clinical trial and regulatory submission process for pharmaceutical, medical
device and biotechnology manufacturers.
This press release may contain "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. These forward-looking
statements include statements of intent, belief or current expectations of
Celeris Corporation and its management. Such forward-looking statements are not
guarantees of future results and involve risks and uncertainties that may cause
actual results to differ materially from the results discussed in the
forward-looking statements. Risks and uncertainties that may cause such
differences include but are not limited to (1) the possibility that the
Minnesota Supreme Court will not accept the Company's petition for review of the
appellate decision; (2) the possibility that any review by the Minnesota Supreme
Court will not be favorable to the Company; (3) possible adverse outcomes
related to the Company's shareholder lawsuits or the SEC investigation that
could have a material adverse impact on the Company and its financial position;
and (4) other risk factors detailed in the Company's Securities and Exchange
Commission filings, including the Company's Form 10-K for the year ended
December 31, 1999.
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