Electric & Gas Technology, Inc. Clarifies Details of $60 Million Lawsuit against Universal Communication Systems, Inc.Energy Editors/Business Editors DALLAS--(BUSINESS WIRE)--Aug. 29, 2003 Electric & Gas Technology, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ELGT) provides clarification and correction regarding the $60 million 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. Federal District Court lawsuit against Universal Communications Systems, Inc. (OTCBB:UCSY UCSY University of Computer Studies, Yangon (Yangon, Myanmar) ) and J.J. Reidy, an individual, as defendants. The lawsuit was filed and stamped August 12, 2003 in Dallas, Texas. The lawsuit alleges patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. relating to ELGT's subsidiary Atmospheric Water Technology, Inc. Electric & Gas Technology, Inc. (OTCBB:ELGT) was organized under the laws of the State of Texas on March 18, 1985, to serve as a holding company for several operating subsidiary businesses. Atmospheric Water Technology, Inc. (AWT (Abstract Windowing Toolkit) A class library from Sun that provides an application framework and graphical user interface (GUI) routines for Java programmers. AWT was the first user interface development system included in the Java Foundation Classes (JFC). ), a subsidiary of ELGT, was incorporated in June 1997, with the purpose of focusing on opportunities within the water industry. Other ELGT businesses include Reynolds Equipment Company, which provides a broad line of precision instrumentation to the natural gas industry; Hydel, Ltd., a designer and seller of meter sockets and pole line hardware to the electric utility industry; and Logic Metals, Inc., an affiliated manufacturer of precision sheet metal applications. 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. INVESTMENT UNDER 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. This press release contains forward-looking information within the meaning of Section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performances and underlying assumption and other statements, which are other than statements of historical facts. Certain statements contained herein are forward-looking statements and, accordingly, involve risks and uncertainties, which could cause actual results, or outcomes to differ materially from those expressed in the forward-looking statements. The Company's expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitations, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties, but there can be no assurance that management's expectations, beliefs or projections will result, or be achieved, or accomplished. |
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