Artemis Settles Shareholder Lawsuit.Business Editors/Legal Writers NEWPORT BEACH, Calif.--(BUSINESS WIRE)--June 18, 2003 Artemis International Solutions Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AMSI AMSI Australian Mathematical Sciences Institute AMSI Ambient Surround Imaging AMSI Atlantic Merchant Shipping Instructions AMSI Ameritech Message Signal Interface ), one of the leading providers of enterprise project and portfolio management software solutions, today announced it has signed an agreement for the settlement and release of all claims against Artemis and certain officers and directors and the underwriters in the consolidated, amended class action complaint entitled "In re: Opus360 Corp. Securities 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. ," filed April 6, 2001. The class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax became a contingent liability for the company as part of the acquisition of the Opus360 Corp. completed in November 2001. The complaint was filed against Opus360 in connection with its initial public offering in April 2000. "We are pleased to see this potential liability put behind us with no adverse effect to the company," commented Mike Rusert, President & 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 Artemis International. The settlement is subject to approval by the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York. The company's insurer will cover substantially all of the $550,000 in total settlement costs. The class action suit was initially dismissed by the District Court, but plaintiffs were given permission to re-file an amended complaint. The settlement is in no event construed or deemed to be evidence of or an admission or concession on the part of the company or any individually named defendant officers and directors with respect to any claim of any fault or liability or wrongdoing wrong·do·er n. One who does wrong, especially morally or ethically. wrong  do or damage whatsoever. About Artemis International Solutions Corp. Artemis International Solutions Corp. is one of the world's leading providers of enterprise project and portfolio management software solutions for all levels of the enterprise. Artemis' solutions are supported by industry-leading consulting services and an international distribution network of 40 offices in 27 countries. Artemis has more than 500,000 users around the world, and services key vertical markets such as Aerospace and Defense, Energy, Telecommunications, High Technology, Pharmaceutical, Government, Automotive and Financial Services. The common stock of the company trades under the symbol "AMSI" on the OTCBB OTCBB See OTC Bulletin Board (OTCBB). . For more information, visit www.aisc.com. Forward-Looking Statements "Safe Harbor" Statement under 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: This news release contains or may contain forward-looking statements such as statements regarding the company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction and trends in the industry in which the company operates. The forward-looking statements contained in this news release are also subject to other risks and uncertainties, including those more fully described in the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements or for prospective events that may have a retroactive effect. |
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