Printer Friendly

QUALITY PRODUCTS, INC. SETTLES LITIGATION WITH THE HUNTINGTON NATIONAL BANK

 QUALITY PRODUCTS, INC. SETTLES LITIGATION WITH THE
 HUNTINGTON NATIONAL BANK
 TAMPA, Fla., Sept. 14 /PRNewswire/ -- Quality Products, Inc. (NASDAQ: QYPI) announced today that it has completed a public offering of just over 900,000 of its Common Shares and settled long-standing litigation with The Huntington National Bank using proceeds from that offering. Approximately $1,135,000 was received by the company upon closing of the minimum shares available.
 Pursuant to the settlement, the company has paid $750,000 to the Huntington National Bank in exchange for the surrender and cancellation of certain QYPI securities and notes. These include 61,380 Class B Preferred Shares, 2,970,000 Class A Preferred Shares, 2,610,000 Series A Sub-Ordinated Debentures, and a $500,000 Cognovit Note and Judgment, held by the bank. The litigation related to a predecessor of QYPI.
 Completion of the settlement reflects an immediate gain of approximately $2,695,000 equating to earnings of $.72 per share, and significantly strengthens the financial position of the company. Additionally, all pending legal action with The Huntington National Bank and associated expenses is immediately terminated. An 8-K amending the financial position of the company as a result of the litigation settlement is forthcoming.
 -0- 9/14/92
 /CONTACT: Steve Springer of Quality Products, Inc., 614-228-8120/
 (QYPI) CO: Quality Products, Inc. ST: Florida IN: MNG SU:


BM -- CL014 -- 9125 09/14/92 11:46 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 14, 1992
Words:232
Previous Article:ROUSE COMPANY AND TRIZEC ANNOUNCE SHARE PURCHASE AGREEMENT
Next Article:THERMO ELECTRON ANNOUNCES PLAN TO OFFER RIGHTS IN THERMO FIBERTEK SUBSIDIARY TO SHAREHOLDERS
Topics:


Related Articles
QUALITY PRODUCTS, INC. ("QPI") REACHES FINAL SETTLEMENT WITH HUNTINGTON NATIONAL BANK
CORRECTION TO QUALITY PRODUCTS, INC, REACHES FINAL SETTLEMENT WITH HUNTINGTON NATIONAL BANK.
QUALITY PRODUCTS, INC. ANNOUNCES $(.03) NET LOSS PER SHARE FOR THE QUARTER ENDED MARCH 31, 1992
THE HUNTINGTON NATIONAL BANK TO OFFER NATIONAL CHECK CLEARINGHOUSE
QUALITY PRODUCTS, INC. ANNOUNCES SEC CLEARANCE OF REGULATION A OFFERING
QUALITY PRODUCTS, INC. IMPROVES FINANCIAL POSITION
NATIONAL CLEARINGHOUSE ASSOCIATION (NCHA) FOUNDING MEMBERS FORMALIZE ORGANIZATION, SET RULES
QUALITY PRODUCTS, INC. ANNOUNCES COMPLETION OF PUBLIC STOCK OFFERING
HUNTINGTON BANCSHARES TO ACQUIRE CHARTER OAK FINANCIAL CORPORATION
QUALITY PRODUCTS, INC. ANNOUNCES STRENGTHENED CONSOLIDATED FINANCIAL POSITION RESULTING FROM RECENT MERGER AND LEGAL SETTLEMENT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters