Electric and Gas Technology, Inc. Clarifies Status of Legal Proceedings Involving Universal Communications Systems and Others.Energy Editors/Business Editors DALLAS--(BUSINESS WIRE)--Dec. 18, 2003 Electric & Gas Technology, Inc., (ELGT) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ELGT) in response to a press release issued by Universal Communication Systems, Inc. (UCSY UCSY University of Computer Studies, Yangon (Yangon, Myanmar) ) of Florida, today clarifies the status of its $60 million complaint alleging infringement and fraud against UCSY and J.J Reidy and Company, Inc. filed in Federal District Court, Northern District of Texas - Dallas Division Cause No. 3-03CV-1798-G. In answer to the complaint UCSY filed a motion to dismiss based on lack of jurisdiction in Texas. The Judge in the Texas case ruled in favor of UCSY but without prejudice Without any loss or waiver of rights or privileges. When a lawsuit is dismissed, the court may enter a judgment against the plaintiff with or without prejudice. When a lawsuit is dismissed without prejudice to the complaint of infringement and fraud, freeing ELGT to pursue the original complaint in an alternate venue. In no way has the primary complaint of infringement and fraud been compromised or otherwise ruled upon. Separately, UCSY's $118 million complaint filed in Federal District Court, Southern District of Florida Cause No. 03-22196-CIV-Seitz/Bandstra, alleging defamation by ELGT and a company director has been dismissed in Florida for failure to comply with court orders. UCSY's counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. of infringement filed in the same Federal District Court, Southern District of Florida Cause No. 03-22250-CIV-King/O'Sullivan is pending UCSY's compliance with court orders. ELGT also announced that the Federal District Court of California, Central District of California for the Western Division has granted ELGT's request for intervention (Cause No. CV-03-642-PA-AJWX) in the case of Worldwide Water, Inc. and Worldwide Water, LLP LLP - Lower Layer Protocol vs. Liquid Air, parties that ELGT 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. . Worldwide Water and UCSY have previously announced their collaboration in a press release dated August 14, 2003. ELGT encourages all interested parties to use public access sources such as PACER (http://pacer.pcs.uscurts.gov) to confirm facts related to these and any legal proceeding. ELGT owns six U.S. Patents and five U.S. Copyrights on important technologies. ELGT is exploring numerous alternatives for raising capital to meet the growth objectives of its business segments with a near term corporate objective of moving the company's shares to the AMEX AMEX See: American Stock Exchange or 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 exchange. ELGT will soon issue its audited fiscal year end July 31, 2003 financial statements and associated 10K filings. 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion