Zeros & Ones Settles Litigation Against Former Officer
Santa Monica-based Zeros & Ones, a media holding company with digital convergence operations in technology, content and production, has announced that it has reached a final settlement agreement with Steve Schklair, former director and officer. The company filed an action against him in Los Angeles Superior Court in October 2000. Schklair was terminated earlier that same year by act of the board of directors. While exact terms of the settlement are not being released, Zeros & Ones disclosed that certain restrictions have now been placed on Schklair's ability to sell the company's shares on the open market. This settlement also brings an end to a counter-action later filed by Schklair. "We are very pleased to have this dispute behind us and are excited that we are better positioned to focus on the important work of the company," stated Zeros & Ones' Chairman and CEO Robert J. Holtz. "I am quite glad that Zeros & Ones has solidified its rights and technology."