WEST BERLIN, N.J.--(BUSINESS WIRE)--EP MedSystems, Inc. (NASDAQ: EPMD) today announced that the Company has executed a Settlement Agreement with the Bureau of Industry and Security of the United States Department of Commerce to close issues related to its shipment of products to restricted countries in 2004 and earlier. In the Settlement Agreement the Company does not admit or deny guilt, but agrees to pay a fine of $244,000 with no restrictions on commercial or export activities. The Company had accrued $345,000 for this penalty in its books as of June 30, 2006 based on the proposed charging letter at the time.
