Asia Web Holdings Comments on Current Litigation with Selim K. Zilkha.Business Editors CARLSBAD, Calif.--(BUSINESS WIRE)--Oct. 20, 2000 Asia Web Holdings Inc. (OCTBB:AWHI AWHI Agricultural Worker Health Initiative (California) ) (the "Company") Friday announced that in the matter of Selim K. Zilkha Trust vs. Asia Web Holdings, Case No. CV 2025, United States District Court for the Southern District of California The United States District Court for the Southern District of California is the federal district court whose jurisdiction comprises the following counties in California: Imperial and San Diego. , the Honorable Napoleon Jones denied Selim Zilhka's ("Zilkha") Application for a Temporary Restraining Order temporary restraining order: see injunction. and Preliminary Injunction A temporary order made by a court at the request of one party that prevents the other party from pursuing a particular course of conduct until the conclusion of a trial on the merits. A preliminary injunction is regarded as extraordinary relief. to freeze Ten Million Dollars ($10,000,000) of the Company's assets. The motion for a Preliminary Injunction was heard on Oct. 18, 2000 and the Court released its opinion today, finding that Zilkha's motion was without merit. This finding was made after a heated hearing in which, the Company's Chief Executive Officer, Michael A. Schaffer, under oath, made an impassioned statement to the Court on behalf of the Company's more than 3,000 shareholders. Schaffer controverted the allegations of Zilkha's lawsuit in every respect, particularly emphasizing the propriety of his and the Company's actions in its dealings with PT Jaring Data Interaktif ("JDI JDI Just Do It JDI Job Description Index JDI Journal Descriptor Indexing JDI Java Driver Interface JDI Jetdirect Internal JDI Joint Declaration of Intent JDI Jouyssance des Instruments (Manhattan Beach, California period music ensemble) "), the Company's recently-acquired subsidiary. The Court declined to freeze $10,000,000 of the Company's assets finding that Zilkha, whose investment put him on the same footing as any other shareholder, has no lien or other legal rights over the Company's assets that would entitle him such an extraordinary injunction. Note: Certain statements in this press release constitute "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. " 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the combined companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. References in this press release to JDI's scope of services includes services performed by the JDI group of companies. |
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