Appeals Court Affirms Ruling Ordering Terra to Pay Damages.SIOUX CITY, Iowa <noinclude></noinclude> Sioux City (IPA: [su: 'sɪti]) is a city located in northwest Iowa in the United States. As of the 2000 census, the city had a total population of 85,013. -- Terra Industries Inc. (NYSE NYSE See: New York Stock Exchange :TRA TRA Training TRA Transfer TRA Transition TRA Tennessee Regulatory Authority TRA Telecommunications Regulatory Authority (Oman) TRA Tax Reform Act (1976, 1984, or 1986) TRA Teachers Retirement Association ) announced today that on Nov. 30, 2004, the Arizona Court of Appeals affirmed the January 2003 decision of the trial court that awarded Jerry Workman $10.1 million in damages in a lawsuit against Terra International, Inc., a Terra Industries Inc. subsidiary. Mr. Workman's original lawsuit, brought in the Superior Court of Arizona, Maricopa County, sought damages in connection with Terra's 1997 contract to purchase his business, Workman Ag Consultants, which included a crop production software program developed by Mr. Workman. Mr. Workman alleged against Terra a breach of the implied covenant of good faith and fair dealing implied covenant of good faith and fair dealing n. a general assumption of the law of contracts, that people will act in good faith and deal fairly without breaking their word, using shifty means to avoid obligations, or denying what the other party obviously , and fraud. Terra recorded the charge for the original verdict in its Dec. 31, 2002, financial statements. Terra has until Jan. 5, 2005, to determine whether to petition for an appeal to the Arizona Supreme Court The Arizona Supreme Court is the highest court in the U.S. state of Arizona. It consists of a Chief Justice, a Vice Chief Justice, and three Associate Justices. Each Justice is appointed by the Governor of Arizona from a list recommended by a bipartisan commission. . Terra Industries Inc., with 2003 revenues of $1.4 billion, is a leading international producer of nitrogen products. This news release may contain 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. , which involve inherent risks and uncertainties. Statements that are not historical facts, including statements about Terra Industries Inc.'s beliefs, plans or expectations, are forward-looking statements. These statements are based on current plans, estimates and expectations. Actual results may differ materially from those projected in such forward-looking statements and therefore you should not place undue reliance on them. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements is set forth in Terra Industries Inc.'s most recent report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Terra Industries Inc.'s other documents on file with the Securities and Exchange Commission. Terra Industries Inc. undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Note: Terra Industries' news announcements are also available on its web site, www.terraindustries.com. |
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