American Utilicraft Corporation Terminates Distributorship Negotiations With North Atlantic Industries.Business Editors LAWRENCEVILLE, GA--(BUSINESS WIRE)--October 4, 2001 American Utilicraft Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMUC AMUC Acta Mathematica Universitatis Comenianae ) (AUC AUC area under curve ) announced today that negotiations between North Atlantic Industries (NAI See Network Associates. ) and the Company to enter into a distributorship agreement for the FF-1080-200 Freight Feeder aircraft have been terminated. The parties previously entered into a non-binding Letter of Intent dated July 30, 2001, pursuant to which NAI was to serve as the European distributor for the FF-1080-200 Freight Feeder aircraft. John J. Dupont, 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. of AUC, stated that, "during the course of negotiations we became concerned that NAI lacked certain key financial elements and capabilities, which were necessary to move forward. As a result of those concerns, AUC elected to terminate the Letter of Intent, and not appoint NAI as the European Distributor for the Aircraft." AUC will continue its selection process and is currently in discussions with other European aircraft manufacturers for sales and product support of the Aircraft in the European market. 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. Statement This press release contains "forward-looking" statements within the meaning 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. 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. in this press release involve risks and uncertainties and reflect the company's current views with respect to possible future events. Readers are cautioned that no forward-looking statement can be guaranteed and actual results or events may materially differ from those projected or anticipated. In particular, the following factors, among others, could cause actual results or events to differ materially from those described in the forward-looking statements: the company's ability to obtain and fulfill contracts for the sale of products, protect intellectual property rights and manage future growth; market acceptance of future products; product supplier delays; design and engineering certification delays or denials; and the introduction of similar products by competitors. Any forward-looking statement made in this press release is made as of the date of this press release, and the company assumes no obligation to update any such forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect the company's business, particularly those mentioned in the Risk Factors section contained in the company's Form SB-2, as filed with the Securities and Exchange Commission. |
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