CirTran reports settlement of major suits against firm

Salt Lake-based contract manufacturer CirTran Corp. said Wednesday that it has settled all major litigation in which it was a defendant.

The company said that clears the way for its filing of Form 10-KSB for fiscal 2005 with the U.S. Securities and Exchange Commission later this week.

Iehab J. Hawatmeh, CirTran's founder and president, said the litigations were settled for a total cash outlay of $200,000, which is "far less than the original claims" against CirTran totaling $4.25 million.

One suit was settled through stock shares and warrants; another, for $200,000 in cash.