AML Communications Reports Settlement of Shareholder Lawsuit.Business Editors CAMARILLO, Calif.--(BUSINESS WIRE)--Feb. 29, 2000 AML AML - A Manufacturing Language Communications Inc. (Nasdaq:AMLJ) today announced the settlement of two related securities class actions, filed in March 1998 in state and federal courts in California against the Company and certain of its current and former officers and directors. A settlement agreement has been entered into with counsel for the plaintiff class, and documents requesting preliminary court approval are expected to be filed with the federal district court this week. Assuming the court grants preliminary approval, notice of the settlement will be sent out to class members and a final settlement hearing should be scheduled within the next three to five months. If final approval is granted in the federal action, the state court case will be dismissed with prejudice. Kirk A. Waldron, president and chief executive officer, said: "Although we always believed that AML would prevail in these cases, we also recognized the ability these cases had to distract management focus and energy. The settlement amount of $2.25 million will be fully covered by our insurance carrier, and we look forward to putting this matter behind us and getting on with business." AML Communications, an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 quality certified See certification. company, is a designer, manufacturer and marketer of amplifiers and related products for the global wireless industry. The company currently focuses on the following sectors of the wireless market: cellular telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. , wireless local loop, personal communications services See PCS. , two-way paging, low earth orbit (communications) low earth orbit - (LEO) The kind of orbit used by communications satellites that will offer high bandwidth for video on demand, television, and Internet communications. satellite networks, and custom wireless applications. The information contained in this news release may contain certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, such as the statements of the Company's plans, objectives, expectations and intentions. The Company's actual results could differ materially from those indicated by such statements as a result of various factors, including but not limited to the discretion the federal court has to deny preliminary or final approval of the settlement, and the fact that the class members can opt out and/or object to the settlement at or before the time of court approval. |
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