AARO Broadband Wireless Lawsuits Settled.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--Sept. 29, 2000 AARO AARO Association of Americans Resident Overseas AARO Automotive Aftermarket Retailers of Ontario Broadband Wireless See wireless broadband. Communications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : AARW AARW Alliance of American and Russian Women ), announced today the agreement to settle the lawsuits with Broadband Wireless International Corporation, Inc. and related entities (BBAN BBAN Basic Bank Account Number BBAN Bulgarian Business Angels Network ). Under the terms of the settlement, AARO President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ron Baker Ronald Baker (born November 19, 1954 in Gary, Indiana) was a former American football offensive lineman between 1978 and 1988 for the Baltimore Colts and the Philadelphia Eagles of the NFL. He played college football at Oklahoma State University. said, BBAN and AARO will drop all civil allegations against each other, without the right to re-file. AARO legal representatives confirmed that once the terms of the settlement have been satisfied both sides have agreed to hold each other harmless from any future legal action. "This is a great day for all parties involved. Subject to court approval of the settlement, this matter will finally be behind this company and its shareholders. We've been able to reach an agreement that treats both sides fairly," Baker said. Upon execution of settlement documents, both parties will ask the court to schedule a hearing date to approve the proposed settlement. Included in the terms, AARO will reimburse BBAN approximately $400,000 and assume liability for certain debentures issued by BBAN totaling $500,000 in value. Baker confirmed this transaction was approved to reimburse BBAN for financial assistance provided pursuant to the terms of a previous business arrangement that ultimately benefited AARO. "We perceive this as being not only fair to BBAN but also to the benefit of AARO shareholders. This settlement allows us to clear the boards and continue with the serious business of building value for AARO shareholders," Baker said. Baker said with the suit a part of the past, AARO can now fully focus on its goal of providing unparalleled speed, application and customer service in more than 30 markets in 12 states throughout the next year. About AARO AARO Broadband Wireless Communications, Inc. provides wireless connectivity up to 100 MBps. AARO New World services such as unified communications, IP telephony and videoconferencing services are delivered via a highly secure, carrier-class IP network. For additional news and information, please visit us at www.aarowireless.com. This document includes forward-looking statements, made under the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are generally identifiable by the use of words such as "believe," "expect," "intend," and other words of similar nature. These statements are based on management's current expectations, estimates and projections that are subject to risk and uncertainties, including, but not limited to success of negotiations, availability of financing, political currency and regulatory, competitive and technological developments. Consequently, actual results could differ materially from those forward-looking statements. AAROW Environmental Group, Inc. does not undertake, and specifically disclaims any obligations to update forward-looking statements, which speak only as of the date made. |
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