Asia Web Holdings Inc. Comments On Legal Matters.Business Editors CARLSBAD, Calif.--(BUSINESS WIRE)--Aug. 6, 2001 On July 30, 2001 the company, Asia Web Holdings Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AWHI AWHI Agricultural Worker Health Initiative (California) ), entered into an agreement in principal to settle with Kurt Bevacqua Kurt Bevacqua (born January 23, 1947) is a former Major League Baseball player. He debuted in the big leagues in 1971 with the Cleveland Indians. His final appearance was in 1985 with the San Diego Padres. Bevacqua was primarily a utility player during his career. , former chairman of the company's advisory board (Bevacqua v. AcuBid.com Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Superior Court, Case No. GIC GIC See: Guaranteed Investment Contract GIC See guaranteed investment contract (GIC). 744718). Pursuant to the settlement, Bevacqua received $500,000 plus forgiveness of indebtedness in the amount of $20,000 and some sports memorabilia The term sports memorabilia usually refers to anything that can be directly connected to a sports event or personality. These items are generally gathered by fans of the particular sport, athlete or team that the item signifies or by collectors who find value in the rarity . The company has always maintained that the maximum exposure to the company was $100,000. When the trial of the matter commenced on July 26, 2001, the company faced some serious adverse rulings from the court. Although management disagreed with the rulings it concluded, that, in light of these rulings, it was in the best interest of the company to settle the matter. The company plans to expand more fully on this matter in the near future. Certain statements contained in this release, including without limitation, statements containing the words "believes," "plans," "expects," "anticipates," and words of similar import, constitute "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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions in those areas in which the company operates; demographic changes; competition; changes in business strategies and other risks detailed in the most recent quarterly and annual reports filed with the Securities Exchange Commission. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments. |
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