Court Dismisses Class Action Lawsuit Against K-tel International and Its Executives.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Aug. 2, 2000 K-tel International, Inc. (Nasdaq:KTEL) announced today that on July 31, 2000 the U.S. District Court granted a motion dismissing a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax brought against K-tel International, Inc. and certain of its executives on behalf of shareholders of the Company. Today's granting of the motion to dismiss bars further actions by the Plaintiffs. Plaintiffs' request to amend the most recent complaint in order to refile the complaint in the future was also denied. "We are very pleased with this decision which leaves management free to concentrate on executing our turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. plan," stated Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Philip Kives. About K-tel International, Inc. K-tel International is a vertically integrated developer, marketer, and distributor of entertainment and consumer products worldwide. The Company markets its product lines through the Internet (http://www.ktel.com ), and to retailers, wholesalers, distributors, or licensees throughout the world. Ktel.com features 250,000 music titles, custom CDs and consumer products. K-tel has active operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and United Kingdom. For more information on K-tel, or to sign up for the company's e-mail list, contact the company at ktel@visioncc.net. You may also contact Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. Moody, Vision Corporate Consulting, at 212/509-4565. Information in this news release of a non-historical nature relates to future events and results of the Company (including certain projections and business trends) that are "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. The use of terminology such as "believe," "may," "expect," "anticipate," "estimate," other variations thereof or comparable terminology may identify such forward-looking statements. Actual results and performance may differ materially from expressed forward-looking statements because of certain risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for and market acceptance of new and existing products, the impact from competition for Internet content, merchandise and recorded music recorded music n → música grabada , dependence on strategic alliance partners, suppliers and distributors, market acceptance of the Internet for commerce and as a medium for advertising, technological changes and difficulties, availability of financing and other risks discussed in the Company's 10-k report for the fiscal year ended June 30, 1999 filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. SOURCE: K-tel International, Inc. |
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