Security Environmental Systems announces settlement of litigation.HUNTINGTON BEACH Huntington Beach, city (1990 pop. 181,519), Orange co., S Calif., on the Pacific coast, across from Santa Catalina Island, in an oil-producing area; inc. 1909. It manufactures aerospace vehicles, aircraft parts, optical instruments, and heat transfer equipment. , Calif.--(BUSINESS WIRE)--Dec. 29, 1994--Security Environmental Systems Inc. (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 :SENVE) Thursday reported the settlement of various 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. issues. According to a Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filing to be filed with the Securities and Exchange Commission, SES has reached final settlement terms on separate actions involving (i) an alleged breach of contract to pay substantial commissions in 1992 and 1993 to third parties for waste contracts, (ii) an alleged breach of written contract to pay monies commencing in 1990 to an environmental consultant to develop, construct and operate the now-abandoned hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. incinerator at the Vernon site, and (iii) alleged violations of securities laws and breaches of contract with respect to a three-year warrant allegedly issued by SES in December 1990 for 250,000 shares at 50 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The settlements provide for SES to pay an aggregate amount of $325,000 to the various parties, $260,000 of which will be paid in various installments commencing in June 1995. The company is currently preparing written documents to finalize a tentative settlement it has reached with the California Department of Health Services Department of Health Services may refer to:
DOHS Department of Occupational Health & Safety DOHS Defense Officers Housing Society alleged that SES operated its Bakersfield operations without a proper permit, and asked for damages and fines in excess of $8 million. While not going into the details of the settlement, which SES expects to release in January 1995, Ellen Batzel, president and chief executive officer of SES indicated that the company is very pleased with the financial terms of the settlement. Batzel stated: "SES has had a history of being plagued with litigation that drained management's time and company resources. Starting in 1995, we want a reputation as a specialty waste company, not a litigation mill. "However, there still remains some significant litigation that will require our attention, including litigation with SES's prior landlord regarding environmental indemnity issues and the litigation relating to the recent attempt by prior management to transfer their holdings in SES stock to a third party without registration under federal and state securities laws. "While we intend to address these matters in a pro-active manner, our philosophy will be to focus on getting back to business as quickly as possible." Security Environmental Systems, founded in 1972, offers waste management, remediation and transportation services to government and industrial generators of waste. Its customers include the Department of Defense, the aerospace industry, food processors and other industrial generators of waste throughout the southwestern, midwestern and southeastern United States. CONTACT: Security Environmental Systems Inc., Huntington Beach Diana Korkis, 714/892-6645 |
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