Bev-Tyme Inc. Makes Announcement.BROOKLYN, N.Y.--(BUSINESS WIRE)--Oct. 8. 1997--Bev-Tyme Inc. (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : BEVTP, BEVT, BEVTZ) (the "Company") announced today that it had entered into a settlement agreement resolving pending and threatened 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. against the company arising out of employment and option agreements. As a result of the settlement, the company will pay a total of $700,000 to two former employees and a third party over a period of no less than three years and no more than six years. An initial payment of $100,000 was made upon execution of the settlement. In a separate development, a partial summary judgment against the company in an amount of $81,224.19 plus interest of $23,031.54 was issued in an action entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: Welch Foods Inc. v. Mootch & Muck Inc. Bev-Tyme intends to appeal this judgment. Bev-Tyme distributes and markets beverages, beers and snack items through its wholly-owned subsidiary, Mootch & Muck Inc. in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metropolitan area. CONTACT: Bev-Tyme Inc., Brooklyn Fred Sipper, 718/485-9222 |
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