<PAGE> 1
EXHIBIT 99.1
CELERIS CORPORATION LOGO NEWS RELEASE
1801 West End Avenue, Suite 750
Nashville, Tennessee 37203
phone: 615.341.0223
fax: 615.341.0615
FOR IMMEDIATE RELEASE
CONTACT: PAUL R. JOHNSON
CHIEF FINANCIAL OFFICER
(615) 341-0223
CELERIS CORPORATION ANNOUNCES SETTLEMENT OF LAWSUITS
NASHVILLE, Tennessee (October 4, 2000) -- Celeris Corporation (Nasdaq/NM:CRSC)
today announced that it has agreed to fully settle its outstanding securities
litigation. The settlement terms include $750,000 cash, 100,000 shares of common
stock, and warrants to purchase 500,000 shares of common stock at $4.00 per
share over the next five years. Based on the current price of the Company's co
mmon stock, the settlement is valued at approximately $1.83 million.
Barbara Cannon, President and Chief Executive Officer of Celeris,
commented, "The settlement of these lawsuits represents a significant milestone
for the Company. It resolves substantial litigation that we inherited from
Summit Medical Systems well over three years ago. Ending the related
uncertainty, expense and distraction is a welcome relief."
Ms. Cannon further commented, "Equally important, we are encouraged to
have reached an agreement that does not significantly affect the financial
viability of the Company and provides a more stable environment for the Celeris
Corporation shareholders going forward. We can now focus all of our energies on
positioning the Company for long-term growth and market leadership."
The settlement has been preliminarily approved by the United States
District Court in Minnesota and includes both In Re Summit Medical Systems, Inc.
Securities Litigation and Teachers' Retirement System of Louisiana v. Summit
Medical Systems, Inc. et al. Following notice to class members, the settlement
is subject to final approval by the United States District Court and a fairness
hearing scheduled for January 5, 2001.
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 United
States District Court will not grant final approval of the settlement described
herein and any of the terms as approved by the United States District Court may
be less favorable to the Company; (2) the possibility that the Securities and
Exchange Commission's investigation, which is not included in the settlement
described herein, will have a material adverse impact on the Company and its
financial position, and (3) other factors that could impact operating results
including the risk factors detailed in the Company's Securities and Exchange
Commission filings.
-END-
