BrandPartners Group, Inc. Announces Court Decision Regarding Warrants.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 21, 2001 BrandPartners Group, 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 : BPTR) today announced that in an action entitled Marvin M. Reiss et al. v. Financial Performance Corporation (now known as BrandPartners Group, Inc.), the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Court of Appeals has reinstated a cause of action seeking a declaration that plaintiffs were entitled to exercise certain warrants in accordance with their terms. Plaintiff's claims had previously been dismissed by the New York County Supreme Court, which dismissal was affirmed by the Appellate Division In several jurisdictions, the Appellate Division is the name of a court, or division of a court, that hears appeals from lower courts.
The Court of Appeals held that although a one-for-five reverse stock split of the Company's Common Stock occurred in 1996, the warrant certificates issued to plaintiffs evidencing a grant in 1993 that entitled them to purchase an aggregate of 1,698,104 shares of the Company's Common Stock at $.10 per share did not, as the lower courts held, mandate, on their face, adjustment in the number of shares or the exercise price per share. Prior to the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of the warrants in 1998, plaintiffs sought to exercise 200 warrants at the unadjusted exercise price, which the Company rejected. Plaintiffs then unsuccessfully sought to enjoin To direct, require, command, or admonish. Enjoin connotes a degree of urgency, as when a court enjoins one party in a lawsuit by ordering the person to do, or refrain from doing, something to prevent permanent loss to the other party or parties. the expiration of the warrants. The Court of Appeals remanded the case to the trial court for further proceedings consistent with its opinion, including, if necessary, a determination of what, if any, remedy is appropriate. There is no assurance as to what effect, if any, this matter will have on the Company or its financial position. The Company will continue to vigorously litigate the case at the trial court level. BrandPartners Group, Inc. provides merchandising, branch planning and design, and creative services Creative Services are a subsector of the creative industries, a part of the economy that creates wealth by offering creativity for hire to other businesses. Examples include:
This press release contains "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. " as defined in 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. These statements are based on the Company's current expectations of future events and are subject to a number of risks and uncertainties that may cause the Company's actual results to differ materially from those described in the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, among others, the Company's ability to identify appropriate acquisition candidates, complete such acquisitions and successfully integrate acquired businesses; changes in the Company's business strategies or development plans; effects of competition; the Company's anticipated growth within the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry; the Company's ability to obtain sufficient financing to continue operations; and general economic and business conditions, both nationally and in the regions in which the Company operates. These and other risks and uncertainties are disclosed from time to time in the Company's filings with the Securities and Exchange Commission including the "Forward-Looking Statements" section of the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2000, in the Company's press releases and in oral statements made by or with the approval of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: personnel. The Company assumes no obligation to update any forward looking statements as a result of new information or future events or developments. |
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