ComEnt postpones annual meeting and agrees to election of new board.NEW YORK--(BUSINESS WIRE)--April 7, 1995--Communications and Entertainment Corp. (ComEnt: 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 : CECO CECO Council of Engineering Companies of Oregon CECO Cost Estimate Change Order CECO Center for Economic and Community Outreach CECO CENTCOM Engineer Contingency Organization CECO Concrete Engineering Company of Omaha (Ceco Concrete Construction LLC) ) and the CECO Shareholders Committee announced today that they had entered into an agreement for the election of a new Board of Directors by April 12, 1995 and to settle all outstanding 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. between ComEnt and the CECO Shareholders Committee. Through its subsidiary, Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey Entertainment Ltd., CECO has been engaged in the distribution of motion pictures. In addition, it holds an interest in Global Intellicom Inc. ("Global"), a distributor of computer and wireless data transmission equipment. The CECO Shareholders Committee had earlier announced that it had begun a proxy solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual to elect its own slate of directors at ComEnt's annual meeting, initially scheduled for April 12, 1995. ComEnt had previously filed an action against the CECO Shareholders Committee, which had in turn filed counterclaims against ComEnt. Today, ComEnt and the CECO Shareholders Committee entered into an agreement to settle all outstanding claims and to provide for an orderly transition to a new board of directors. Under the agreement, a majority of ComEnt's current Board will resign on April 12, 1995 in favor of new directors designated by the CECO Shareholders Committee and the current Board. The annual meeting has been postponed and the CECO Shareholders Committee has committed themselves to holding a meeting of shareholders within ninety days. In addition, ComEnt will sever TO SEVER, practice. When defendants who are sued jointly have separate defences, they may in general sever, that is, each one rely on his own separate defence; each may plead severally and insist on his own separate plea. See Severance. its ties with its partially owned subsidiary, Global. The new Board will support the stock dividend of Global shares, previously announced by ComEnt. In addition, ComEnt will sell its remaining Global shares at the same price that ComEnt paid to acquire the shares in December 1994. ComEnt's chairman, N. Norman Muller Mul·ler , Hermann Joseph 1890-1967. American geneticist. He won a 1946 Nobel Prize for the study of the hereditary effect of x-rays on genes. Mül·ler , Johannes Peter 1801-1858. , said "the ComEnt shareholders have been served by this resolution. We have ensured the benefit of the Global stock dividend to the ComEnt shareholders." Lawrence N. Schneider, the Committee's chairman, said "the real winners here are the shareholders of ComEnt. The settlement allows a new Board to take over promptly and to concentrate its efforts on ComEnt's film distribution business, Odyssey Entertainment, without the expense or distraction of further litigation. It also separates ComEnt and Global, leaving their respective boards free to concentrate on their independent business plans, while preserving for ComEnt's shareholders the benefits of the stock dividend previously declared by ComEnt's Board. ComEnt will also receive the immediate benefit of selling its Global shares at the same price it paid for them just four months ago." CONTACT: MacKenzie Partners Inc. Stanley J. Kay, 212/929-5940 or Beacon Hill Bea·con Hill An area of Boston, Massachusetts, noted for its historic residences, brick sidewalks, and picturesque mews. Noun 1. Beacon Hill - a fashionable section of Boston; site of the Massachusetts capital building Partners Inc. Rick Grubaugh, 800/755-5001 |
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