BCT International, Inc. to Receive $1 Million in Settlement of Lawsuit.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--June 28, 1999-- BCT BCT Brigade Combat Team BCT Basic Combat Training BCT Best Conventional Pollutant Control Technology (EPA) BCT Business Cards Tomorrow BCT Banque Centrale de Tunisie (Central Bank of Tunisia) International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - BCTI BCTI Business Computer Training Institute BCTI Battlefield Control Terminal Interface ) today announced that it has reached a settlement involving 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. with a former franchisee, which will result in the payment of $1 million in cash to the Company. The lawsuit resulted from the non-payment of royalties by one of BCT's franchisees. BCT was awarded $931,000 (plus legal fees and interest) in a jury trial in February 1997, to be paid by the defendants, Robert and Marion Nugent and their company, Annuco, Inc., in East Hanover, New Jersey East Hanover Township is a township in Morris County, New Jersey, United States. As of the United States 2000 Census, the township population was 11,393. Incorporated in 1928, it is a largely middle to upper-income suburban community situated roughly 25 miles west of New York City. . The defendants filed bankruptcy in March 1997, in an attempt to avoid paying the damage award to BCT International. The defendants were unsuccessful in their attempts to discharge their obligations to BCT International via the bankruptcy process, and the Company recently entered into a settlement agreement with the individual defendants. The addition of legal fees and interest accrued since February 1997 has increased the amounts currently due from the defendants to $1,331,000. The terms of the settlement require that Robert and Marion Nugent pay $1,000,000 in cash to BCT, leaving a claim of $331,000 against Annuco, Inc. The Company has already received an initial payment of $500,000 in cash from the defendants, and another $500,000 is due from the defendants on June 30, 1999. BCT will aggressively pursue the collection of the remaining $331,000 from Annuco, Inc. BCT International, Inc. is a holding company which operates Business Cards Tomorrow, the world's largest wholesale printing chain. The Company is headquartered in Ft. Lauderdale, Florida and its common stock trades on Nasdaq under the symbol "BCTI". This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe", "estimate", "project", "expect" or similar expressions. These statements are made pursuant to the 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. provisions 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 inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. |
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