Celerity Systems Reduces Debt by an Additional $1.5 Million

Celerity Systems Reduces Debt by an Additional $1.5 Million

-- Completes Buy Back of an Additional 100 Million Shares --

KNOXVILLE, Tenn., May 25 /PRNewswire-FirstCall/ -- Celerity Systems, Inc. (BULLETIN BOARD: CESY) , a business development company focused on providing capital formation, management advice and investments in developing companies, announced today that it has reduced its debt by an additional $1.5 million. Since the appointment of Robert Legnosky as Celerity President in November of 2002, the Company has reduced its total debt by 90% as part of a comprehensive restructuring program. Celerity also announced it has purchased an additional 100 million of its common shares on the open market for a total of 400 million shares purchased to-date. As previously announced, the Company's plan to purchase up to 500 million shares of its common stock in 2005 is on schedule.

Robert Legnosky, President and CEO of Celerity Systems, Inc., stated, "Since we instituted a large-scale restructuring program in 2003, we have made significant improvements to our balance sheet, including reducing our debt by 90%, which now totals less than $800,000. While we have settled the majority of our outstanding debt, we continue with our aggressive share buy back program of up to 500 million shares, representing management's confidence in our future prospects for growth."

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.

Company Contact: Investor Relations Contact:
Robert Legnosky, President & CEO Gary Geraci
Celerity Systems, Inc. OTC Financial Network
legnosky@msn.com 617-723-2373
garyg@otcfn.com

Source: Celerity Systems, Inc.

CONTACT: Robert Legnosky, President & CEO of Celerity Systems, Inc.,
legnosky@msn.com; or Gary Geraci, Investor Relations Contact of OTC Financial
Network, +1-617-723-2373, garyg@otcfn.com

Web site:

-------
Profile: intent