CyberAmerica Settles Pending Litigation.Business Editors/High-Tech Writers SALT LAKE CITY--(BUSINESS WIRE)--June 9, 2000 CyberAmerica Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYAA) Friday announced that it has settled pending 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. with Legong Investments NV, a suit that had been pending in the Third District Court, Salt Lake City. Legong had filed suit seeking damages related to a debenture that it had acquired in 1996. CyberAmerica settled the claim with a cash payment of $275,000 and the transfer of 25,000 shares of its common stock. Management believed this to be a reasonable compromise between the two parties positions and as a method to avoid further litigation costs. The settlement papers have been signed by both parties and the transfers of cash and stock to Legong have been completed, final orders to dismiss the pending action have been approved by attorneys for all parties and submitted to the court for entry by the presiding judge presiding judge n. 1) in both state and federal appeals court, the judge who chairs the panel of three or more judges during hearings and supervises the business of the court. in the case. CYAA is a diversified holding company that specializes in investing and developing undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. real estate and provides financial consulting services to public and private companies. For more information on CyberAmerica's real estate holdings please visit www.cyaa.com. For more information on the CyberAmerica's consulting service please visit www.hudsonconsult.com. CyberAmerica strongly encourages that the above information be read in conjunction with its Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. for Dec. 31, 1999. The above documents can be viewed at www.sec.gov. A number of statements contained in this press release are forward-looking statements which are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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 forward-looking statements involve a number of risks and uncertainties, including the timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that CYAA may achieve may differ materially from any forward-looking statements due to such risks and uncertainties. |
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