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Marty
Tullio, Managing Partner
McCloud
Communications, LLC
949.553.9748
marty@mccloudcommunications.com
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Delaware
Chancery Court Grants Overwhelming Victory
to
CNS Response
Dismissed
- - Leonard Brandt v. CNS Response, Inc. et al
Costa
Mesa, CA – December 3, 2009 – CNS
Response, Inc. (OTCBB: CNSO) today announced that the Delaware Court of
Chancery has dismissed complaints brought against the Company by
its former CEO Leonard Brandt.
At the
conclusion of a two-day trial that commenced December 1, the
Court entered judgment for CNS and dismissed with prejudice Mr. Brandt's
action brought pursuant to 8 Del. Code section 225. The Court thereby
found that the purported special meeting of stockholders convened by Mr. Brandt
on September 4, 2009 was not valid and that the directors purportedly elected at
that meeting will not be seated.
The Chancery
Court also denied injunctive relief sought by Mr. Brandt to prevent the
voting of shares issued by CNS Response in connection with
the Company’s bridge financing in June and securities offering in August,
and dismissed Mr. Brandt's claims regarding those financings and stock
issuances. The Chancery Court also dismissed with prejudice another action
brought by Mr. Brandt, in which he claimed he had not been provided with
information owed to him.
George
Carpenter, CNS Response chief executive officer, commented, “We are pleased with
the Court’s decision as this is a complete victory for the company and its
shareholders. We would like to sincerely thank our shareholders,
employees and board of directors, whose courage and commitment made this
possible. We’re ready to move forward with the important work of
building a company and bringing forth a technology that can help millions
of people.”
About
CNS Response
Today,
most physicians are able to base treatment on objective test data, such as EKGs,
MRIs, blood tests, etc. Broadly speaking, such advances have not yet come to
those physicians practicing psychiatry.
CNS
Response has developed a patented data-analysis capability that, with the help
of a simple, non-invasive EEG, will analyze a patient’s brain waves and compare
the results to an extensive patient outcomes database. The process produces a
rEEG® report providing a psychiatrist with guidance to personalize medication
regimens for a patient, based on the patient's own brain physiology. To read
more about the benefits this patented technology provides physicians, patients
and insurers, please visit the CNS Response website,
www.cnsresponse.com.
-
more-
Delaware
Chancery Court Grants Overwhelming Victory to CNS Response
Page
2
Safe
Harbor Statement under the Private Securities Litigation Reform Act of
1995
Except for the historical information contained
herein, the matters discussed are forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995, as amended. These statements involve risks and uncertainties as set forth in the Company's
filings with the Securities and Exchange Commission. These risks and
uncertainties could cause actual results to differ materially from any
forward-looking statements made herein.
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