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SATX, Inc. Reaches Agreement in Lawsuit.

ATLANTA, Aug. 7 /PRNewswire/ --

SATX, Inc. (OTC Bulletin Board: SATX) announced today that it has reached agreement for settlement of the Class Action lawsuit "Nigro vs. Satellite Control Technology" filed in Los Angeles Superior Court in 1997.

The agreement was reached through execution of a Memorandum of Understanding in which SATX will issue four million warrants to be distributed to members of the class. These warrants are exercisable at $1.00 over a period of four years. Additionally, SATX has agreed to place $100,000 in escrow to primarily cover the printing costs of the lawsuit, with any unused portion being returned to SATX.

SATX admits no guilt in making this settlement, but feels that this is an equitable, no cash settlement that allows members of the class to participate in the growth and future success of the Company.

Terry Colbert, President and CEO of SATX, said of the agreement, "We believe this is a win-win outcome for all parties involved and the members of the class could make a substantial gain on the success of SATX. We have put this issue behind us and are moving forward."

The actual settlement must be submitted to the Court for approval, however since all parties have agreed, it is anticipated that the court will approve the settlement without modification.

Any statements released by SATX that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risk and uncertainties that may affect SATX's business prospects and performance. Actual results may differ materially from the results predicted, and reported results should not be considered an indication of future performance. It is further noted that data referenced in this release may represent partial data, such as sales results, which are subject to supplementation by other disclosures by the Company. Potential risks and uncertainties may include economic, competitive, governmental, technological, or other factors discussed in SATX's filings with the SEC on forms 10-K, 10-Q, and 8-K.

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Publication:PR Newswire
Date:Aug 7, 2001
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