27-Feb-2008 Entry into a Material Definitive Agreement Item 1.01. Entry into a Material Definitive Agreement. The two consolidated derivative lawsuits, entitled Mario Procopio, et al. v. Savi Media Group, Inc., et al. and Serge Monros, et al. v. Savi Media Group, Inc., et al., consolidated as Orange County Superior Court Case No. 07CC02180, have recently settled. In reaching the settlement, no parties have made any admission of liability or wrongdoing. As part of the settlement, Mario Procopio, Kathy Procopio, and certain private corporations controlled by the Procopios have voluntarily waived accrued unpaid compensation and returned the following securities to the Company: 1,000,000 Preferred A shares, 1,500,000 Preferred C shares, 7,102,300 common shares, and 125,000,000 options. As consideration, Savi has agreed to a limited indemnification of the Procopios for certain transactions agreed-upon by the Procopios and the Company. The Procopios also waive any rights to the 4,000,000 Preferred A shares they previously pledged to Cornell Capital and the parties understand that Cornell Capital retains control of this stock. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. February 27, 2008 Savi Media Group, Inc. By: /s/ Serge Monros Serge Monros Chairman, CEO and CTO SaVi Stock Symbol: [ Stock Quote ]  [ SEC Filings ]  [ SVMI Stock Quotes ]  [ Archived Press Releases ]