EXHIBIT 99.3
Published on August 6, 2002
EXHIBIT 99.3
SAVE THE WORLD AIR INC. OBTAINS TEMPORARY RESTRAINING ORDER AGAINST JEFF MULLER,
FORMER CEO, AND COURT APPROVAL OF SWA SETTLEMENT OF SEC ACTION
SAN DIEGO, Jul 3, 2002 (BUSINESS WIRE) -- Save The World Air Inc. (ZERO)
announced today that it has obtained a Temporary Restraining Order (TRO) against
its former CEO, Jeffrey A. Muller and others, pending a hearing on SWA's
application for preliminary injunction scheduled to be heard July 25, 2002.
Among other things, the TRO prohibits Muller from serving as an officer or
director of SWA and enjoins Muller and others from selling, conveying,
transferring or encumbering any shares which Muller controls or in which he has
an interest, pending the court's hearing on the application for preliminary
injunction. SWA believes the TRO may affect as many as seven million shares or
more of SWA stock, as well as Muller's option for 10 million shares and his
royalty and other arrangements with SWA.
SWA filed its cross-complaint against Muller and others seeking injunctive
relief, disgorgement and financial restitution for a variety of acts and
omissions in connection with sales of company stock and other transactions
occurring between 1998 and 2002. SWA is also seeking cancellation of such shares
and Muller's stock option agreement and royalty arrangement. Among other things,
SWA alleges that Muller and certain others sold stock without consideration and
without registration under U.S. Securities laws; engaged in self-dealing and
entered into various undisclosed related-party transactions; misappropriated for
their own use proceeds from sales of SWA stock; and entered into various
undisclosed arrangements regarding the control, voting and disposition of their
SWA stock.
As expected, the court also approved SWA's settlement and consent with the U.S.
Securities and Exchange Commission (SEC). Prior to the court's dismissal of the
SEC action against SWA, SWA filed its cross-complaint in the pending SEC action
against Muller and others, which is currently before the U.S. District Court for
the Southern District of New York.
In a statement issued by SWA President and Chief Executive Officer, Edward
Masry, he disclosed that, "SWA's officers believe that we are in possession of
enough specific evidence to support the allegations made before the court
against Muller and the others and we fully intend to act swiftly and decisively
in securing this relief for our shareholders. While we cannot predict the
ultimate outcome of this litigation, our new officers and directors firmly
believe that our cross-complaint represents the best interests of SWA and its
shareholders."
Safe Harbor Statement: The statements contained herein, which are not
historical, are forward looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed in the forward looking statements, including without limitation SWA's
ability to complete testing, raise sufficient capital to continue research and
development, establish marketing and distribution and obtain customer acceptance
of its products, as well as other risks described from time to time in SWA's
press releases and filings with the U.S. Securities and Exchange Commission.
CONTACT: SAVE THE WORLD AIR INC.
EDWARD MASRY, 818/865-3500
inquiries@savetheworldair.com