EXIDE ELECTRONICS ANNOUNCES STATUS OF LEGAL APPEAL
EXIDE ELECTRONICS ANNOUNCES STATUS OF LEGAL APPEAL RALEIGH, N.C., Sept. 3 /PRNewswire/ -- Exide Electronics Group, Inc.
(NASDAQ: XUPS) announced today that the United States District Court for the Northern District of California denied the motion of the plaintiff to increase the amount of the appeal bond posted by the Company to secure the judgment plus applicable interest in connection with the Company's appeal to the United States Court of Appeals in the case of James Hendry d.b.a. Synergy Sales Engineering v. Exide Electronics Corporation. As earlier reported, the plaintiff in that case had requested that the appeal bond previously posted in the amount of $12.5 million be increased to $18 million, representing the amount of the April 1990 jury verdict against the Company, plus the approximate amount of applicable interest accrued to date on the judgment. The District Court ruled that the appeal bond would not need to be increased.
In a related matter, the Company also announced that it had complied with the order of the United States Court of Appeals for the Ninth Circuit and had engaged in good faith negotiations in an attempt to settle this litigation, but was unable to reach an agreement. The case, which was argued before the Ninth Circuit in May, has been resubmitted to the Court of Appeals for final decision. Exide Electronics is the largest company in the world dedicated exclusively to developing and manufacturing a full line of power protection systems. Headquartered in Raleigh, N.C., Exide Electronics responds to the power protection needs of a broad range of businesses and institutions worldwide, including many Fortune 1000 companies. Exide Electronics products are used for financial, medical, industrial, telecommunications, military and aerospace applications -- wherever continuous power is essential to daily operations. -0- 9/3/92 /CONTACT: (Investor Relations) Marty Kittrell of Exide Electronics, 919-872-3020/ (XUPS) CO: Exide Electronics Group, Inc.; Synergy Sales Engineering ST: North Carolina, California IN: CPR SU:
CM -- CH011 -- 6678 09/03/92 17:24 EDT
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|Date:||Sep 3, 1992|
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