Pure Tech International victorious in lawsuit; Superior Court denies claims of Frank Tammera, Sr.RIDGEFIELD, N.J.--(BUSINESS WIRE)--March 5, 1996--PURE TECH INTERNATIONAL, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 : PURT PURT Pet Urine Removal Treatment ) announced today that it has received a favorable decision in 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. brought against its subsidiary, PTI Plastics, Inc. ("PTIP PTIP Particulate Trap Inlet Pressure PTIP Pluribus Terminal Interface Processor PTIP Public Transit Incentive Program ") by Frank Tammera, Sr., a former officer, director and stockholder of PTIP. The company anticipates that judgment will be entered shortly. The plaintiff, Tammera, was terminated in June 1989 under circumstances which PTIP believes constituted "cause" for termination. In his lawsuit, the plaintiff sought reinstatement as an officer and director, the repayment of certain debts allegedly owed him by PTIP, damages for breach of contract and fiduciary duty and fraud, invalidation of certain restrictive covenants, the payment of certain royalties allegedly due him relating the use of PTIP's proprietary technology, and the reversal of the deposit in escrow and ultimate retirement of approximately 690,000 shares of stock as a condition to an underwriting in March 1989. The New Jersey Superior Court decided, among other things, that the company did not have to reinstate the plaintiff, that his termination had been for cause, and that the company was obligated to pay the plaintiff approximately $30,000 of indebtedness, which the company had acknowledged, and $14,377 in royalties. The court dismissed the plaintiff's claims of fraud and breach of contract and fiduciary duty. Existing agreements between the company and the plaintiff were upheld, including Tammera's escrow agreements with the company. David C. Katz, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Pure Tech said, "We are extremely pleased to receive the court's ruling which vindicates the Company completely. We do not know whether the plaintiff will appeal the court's decision, but we will vigorously defend our positions should an appeal be filed." Pure Tech International, Inc. is a leading manufacturer of specialty plastic products for consumer and industrial markets, including medical tubing, lawn and garden products, dispenser tubing and molded components. The company also produces specialty plastic materials, including copolymer and vinyl dispersion resins used in flooring, inks and coatings; PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. compounds used in medical applications and food packaging products; and recycled PET for use in packaging and fiber applications. CONTACT: Pure Tech International, Inc. Investor Relations Department 201/941-6550, ext. 107 |
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