American International Petroleum Corporation Announces Withdrawal of Litigation by Plaintiff.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 7, 2002 American International Petroleum Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AIPN AIPN Association of International Petroleum Negotiators AIPN Australian Injury Prevention Network AIPN Advanced Industrial Property Network (Japanese Patent Office) AIPN Asian Industrial Property Network ) today announced Neste Trifinery Petroleum Services has withdrawn its lawsuit against the Company and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , American International Refinery, Inc. (AIRI AIRI Atomic Industry Research Institute ). The lawsuit, originally filed in 1998 in Harris County District Court, Harris County, TX, asserted various claims and had sought recovery of $20,000,000 in compensatory damages A sum of money awarded in a civil action by a court to indemnify a person for the particular loss, detriment, or injury suffered as a result of the unlawful conduct of another. , and an unspecified sum in connection with its claim for recovery of punitive damages. The Company and AIRI had vigorously defended their position that the lawsuit was without merit. American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in Kazakhstan, and in refining, marketing and transportation of petroleum products in the United States. Statements herein may be identified as forward-looking for purposes of safe harbor provisions under Section 21E of the Securities and Exchange Commission Act of 1934. Such statements relating to the Company's business, including, all future business of the Company, are subject to risks and uncertainties that could cause actual results to differ materially from those statements, and other risks and factors, identified in the Company's SEC filings. |
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