TEMCO NATIONAL BRINGS ACTION VS. GRAHAM-FIELD
TEMCO NATIONAL BRINGS ACTION VS. GRAHAM-FIELD COLUMBUS, Ohio, March 11 /PRNewswire/ -- Temco National Corp.
(AMEX: TEM) today announced that it had on March 2, 1992 brought an action vs. Graham-Field in the U.S. District Court for the Southern District of Ohio, Eastern Division, which seeks to compel Graham-Field to observe the provisions for settling disputes as to purchase price which are spelled out in a contract between them relating to the sale by Temco to Graham-Field last October of Temco's manufacturing facilities.
Temco further announced that it believes the allegations made in litigation commenced Monday by Graham-Field are without merit. Finally, Temco pointed out that Graham-Field's news release of yesterday was totally misleading in stating that Temco had "admitted" any obligation to pay any part of the damages allegedly sustained by Graham-Field since the amount allegedly "admitted" was simply an adjustment pursuant to the agreement; it was also incomplete due to the omission to refer to the aforementioned previously filed action by Temco against Graham-Field. Temco also stated that it had today informed Graham-Field that, in the absence of a clarifying news release by Graham-Field, Temco was prepared to take such additional legal action directly against Graham-Field and its officers and/or to seek such governmental sanctions against Graham-Field as Temco's counsel deems appropriate in the circumstances. -0- 3/11/92 /CONTACT: Marvin D. Kantor, president of Temco National Corp., 614-221-6000/ (TEM) CO: Temco National Corp. ST: Ohio IN: MTC SU:
KK -- CL004 -- 7228 03/11/92 10:01 EST
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|Date:||Mar 11, 1992|
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