Circo Craft's Puerto Rican operation wins major lawsuit in the United States.MONTREAL--(BUSINESS WIRE)--Jan. 9, 1995--Circo Craft Co. Inc. (ME/TSE:CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. ) Monday reported it successfully concluded on Friday, Jan. 6, 1995 a cash settlement with a U.S. competitor relating to legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. against same initiated in California in December 1993 by Circo Craft on behalf of itself and Circo Caribe Corp. The total dollar compensation paid to Circo Caribe by the U.S. defendants of the lawsuit amounts to U.S. $7.5 million, payable as one lump sum Lump sum A large one-time payment of money. on or before Jan. 20, 1995. The company will account for the settlement as a revenue for Circo Caribe, which it plans to apply towards Circo Craft's consolidated 1994 fiscal year financial results. Hans-Karl Muhlegg, president and chief executive officer of the company stated: "The results of this successful settlement are very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. . I am convinced that the positive outcome of this lawsuit will further strengthen the trust and confidence of our many stakeholders in Circo Craft and its future prospects." Muhlegg further stated that, under the settlement terms, Circo Craft agreed to disclose only what is required under Canadian Securities legislation, and not to release the name of the corporation that will pay the settlement. Circo Craft also announced that it has recently become 100 percent owner of all common shares of Circo Caribe after acquiring, for a negligible amount, the remaining 11 percent interest held by minority shareholders. Circo Caribe will therefore be accounted for as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Circo Craft as of the fourth quarter of 1994. Circo Craft is the leading Canadian independent manufacturer of advanced printed circuit structures, supplying products and services to major original equipment manufacturers (OEMs) in the telecommunications, computer, automotive and industrial electronics industries. The company operates three manufacturing plants in Canada and one in Puerto Rico. Its common shares and warrants are traded on the Montreal and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: Madeline Gareau, 514/694-8400 INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED REPEATS: 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 212-575-8822 or 800-221-2462; Boston 617-330-5311 or |
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