AFP Imaging Reports Final Settlement On Six Year Old Litigation.Business Editors ELMSFORD, N.Y.--(BUSINESS WIRE)--May 28, 2002 AFP (1) (AppleTalk Filing Protocol) The file sharing protocol used in an AppleTalk network. In order for non-Apple networks to access data in an AppleShare server, their protocols must translate into the AFP language. See file sharing protocol. Imaging Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BB AFPC AFPC Air Force Personnel Center AFPC American Foreign Policy Council AFPC Alliance de la Fonction Publique du Canada (Public Service Alliance of Canada; union) AFPC Advanced Financial Planning Certificate AFPC Air Force Personnel Council ) announced that on May 22, 2002, the Company settled the civil complaint filed on December 18, 1995, in the Superior Court of the Commonwealth of Massachusetts. The Company, among others, was a defendant in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. that had been instituted by a former vendor of Visiplex Instruments Ltd. The claim was based on an alleged breach of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Bulk Sales Notice Law, claiming that no notice of the bulk transfer was given in July 1995, when the Company acquired selected assets and assumed certain liabilities of Visiplex. The complaint, as amended, sought damages in the sum of $443,500 for unpaid material invoices and $19.9 million in consequential damages Injury or harm that does not ensue directly and immediately from the act of a party, but only from some of the results of such act, and that is compensable by a monetary award after a judgment has been rendered in a lawsuit. , treble damages A recovery of three times the amount of actual financial losses suffered which is provided by statute for certain kinds of cases. The statute authorizing treble damages directs the judge to multiply by three the amount of monetary damages awarded by the jury in those cases , interest and attorney fees. The lawsuit was dismissed, with prejudice, and a settlement payment of $45,000 was made by the Company. Such amount had been accrued in the Company's consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge as of March 31, 2002. The settlement is final and binding and has been recorded in the Commonwealth of Massachusetts Superior Court. AFP Imaging Corporation, Visiplex Instruments Corporation and certain named corporate officers were all dismissed as defendants in this case, and complete releases were given to the Company and its subsidiaries. The Company filed a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. Current Report, dated May 24, 2002 with the United States Securities and Exchange Commission. The Company believes that this favorable settlement eliminates any potential uncertainties, over the past six years, which might have been associated with the outcome of this complaint. AFP Imaging is a medical equipment supplier whose imaging products are widely applied in dental and medical diagnostics. The Company's new products and imaging technology is providing the gateway for future growth. AFP's products are used by medical, dental, veterinary and industrial professionals. Dental products include x-ray units, digital x-ray sensors, film processors, chemistry, video cameras and panoramic units. The Company's products are sold worldwide under various brand names, which include AFP, DENT-X, and SENS-A-RAY 2000(TM). For additional product information please visit our web sites at www.afpimaging.com and www.dent-x.com. The remarks contained in this press release and presented elsewhere by management from time to time contain forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in this press release or in other forward -looking statements presented by management. Among the factors that could cause actual results to differ materially include failure of revenue on new products to develop as estimated, regulatory delays, loss of existing customers, general downward trends in the Company's industry and other risk factors detailed from time to time in the Company's reports filed with the SEC. |
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