Ecometry Corporation Reports Agreement in Principle to Settle Class Action Lawsuit and Revised Fourth Quarter and Year-End 2001 Results.Business Editors/High Tech Writers DELRAY BEACH Delray Beach, resort city (1990 pop. 47,181), Palm Beach co., SE Fla., on the Atlantic coast; settled 1895, inc. 1911. Mostly residential, Delray Beach is also the trade center for a citrus-fruit and vegetable-growing region. , Fla.--(BUSINESS WIRE)--Feb. 20, 2002 Ecometry(R) Corporation (Nasdaq:ECOM ECOM Electronic Commerce ECOM Emergency Communications ECOM Electronics Command (Army) ECOM Emission Control ECOM Electronic Computer-Originated Mail ECOM United States Army Electronics Command ECOM Ethernet Communication Module ), a provider of integrated software Separate software components or applications that have been combined into one package. See integrated software package. solutions for multi-channel commerce, today announced an agreement in principle to settle a shareholder 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 that was filed on November 13, 2001 against Ecometry and certain Ecometry officers and directors, alleging that the proposed transaction between SG Merger Corp. and Ecometry is unfair to Ecometry's shareholders. The agreement in principle is conditioned on the execution, filing and final court approval of a definitive settlement agreement. As a result of the agreement in principle and additional merger-related expenses aggregating approximately $190,000, Ecometry's net loss for the fourth quarter has been revised to $2.7 million, or $0.22 per diluted share. Ecometry's net loss for the year ended December 31, 2001 has been revised to $7.5 million, or $0.61 per diluted share. Ecometry previously reported in a press release dated February 6, 2002, that its net loss for the fourth quarter ended December 31, 2001 was $2.6 million, or $0.21 per diluted share and that its net loss for the year ended December 31, 2001 was $7.3 million or $0.59 per diluted share. About Ecometry Corporation Ecometry is a provider of multi-channel commerce solutions worldwide. The Ecometry family of products ensures customer satisfaction throughout the multi-channel shopping and buying experience. Its flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , Ecometry Retail Enterprise(R), is a customer-centric, high volume suite of business applications designed to completely automate front-end and back-end In their most general meanings, the terms front end and back end refer to the initial and the end stages of a process flow. These terms acquire more special meanings in particular areas. operations across multiple channels. It enables retailers to acquire, retain and manage customers, suppliers and partners from one centralized database. Headquartered in Delray Beach, Florida Delray Beach is a city in Palm Beach County, Florida, USA. As of the 2000 census, the city had a total population of 60,020. As of 2004, the population estimated by the U.S. Census Bureau is 64,150. , Ecometry's client roster includes industry-leading retailers such as Nordstrom, Time Life, Brookstone, Zales, Hickory Farms, Levenger, KBKids.com, Nine West, Coldwater Creek, Hallmark, Urban Outfitters and RedEnvelope.com. 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. This news release may contain forward-looking statements, which are made pursuant to the safe harbor 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. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding the settlement of the 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. , the amount of the costs related to the litigation, and the effect thereof on the Company's results of operations, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, including, without limitation, risks associated with the ability to obtain court approval of the agreement in principle and enter into a definitive settlement agreement and other risks and uncertainties described in the Company's prospectus dated January 29, 1999, Forms 10-K and 10-Q and other documents filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. |
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