Century Technologies settles lawsuit.BEVERLY HILLS, Calif.--(BUSINESS WIRE)--April 29, 1996--Century Technologies Inc. (BB:CNTK) Monday announced that it had settled the lawsuit that was filed in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Southern District of Florida in which the plaintiff alleged that Century owed the plaintiff $1 million plus interest on a promissory note that it had issued. The company issued 356,000 shares of its restricted common stock in exchange for the dismissal of the suit. "We believe that we would have prevailed on the merits on the merits adj. referring to a judgment, decision or ruling of a court based upon the facts presented in evidence and the law applied to that evidence. A judge decides a case "on the merits" when he/she bases the decision on the fundamental issues and considers ," stated Peter Newgard, president of Century, "but it was definitely in the company's best interests to put this matter behind them and get on with business." In other company news, Century announced that it will rescind or cancel all agreements entered into by previous management with Krypton krypton (krĭp`tŏn) [Gr.,=hidden], gaseous chemical element; symbol Kr; at. no. 36; at. wt. 83.80; m.p. −156.6°C;; b.p. −152.3°C;; density 3.73 grams per liter at STP; valence usually 0. International, Video Licensing Group and Elvin Feltner, related parties. These transactions include certain rights in a Spanish language film library and two lists of primarily public domain films and broadcast air rights. "After numerous requests, the company has yet to receive any documentation or substantiation concerning chain of title for any of the films," stated Newgard. These rescissions or cancellations will result in the reduction in carrying value of approximately $6 million of the company's assets while eliminating more than $1.8 million in debt and 1 million shares of preferred stock. Century Technologies is in the business of co-producing original product and distribution of features and television programming to all media worldwide including network and cable television in the U.S. marketplace. Century Technologies attends all the important programming conventions, including NATPE NATPE National Association of Television Programming Executives , AFM (Atomic Force Microscope) A device used to image materials at the atomic level. AFMs are used to solve processing and materials problems in electronics, telecom, biology and other high-tech industries. , MIP MIP See: Monthly income preferred security , MIPCOM, MIFED and MIP-Asia. CONTACT: Century Technologies, Beverly Hills Peter Newgard, 310/275-9063 |
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