Printer Friendly

U.S. ALCOHOL TESTING OF AMERICA INC. ANNOUNCES SETTLEMENT AGREEMENT WITH BROOKS PARTIES

 RANCHO CUCAMONGA, Calif., Nov. 18 /PRNewswire/ -- U.S. Alcohol Testing of America Inc. ("USAT") (AMEX: AAA) announced today that it executed a settlement agreement ("settlement") with David Brooks, a former consultant, Brooks Securities, a former consultant, Jeffrey Brooks Securities Inc., a former investment banking firm, and Herbert Brooks, a former employee of U.S. Alcohol and Drug Testing International, Nev., and other related entities owned or controlled by them (collectively, "Brooks Parties").
 By the terms of the settlement, the company and the Brooks Parties have mutually agreed to terminate all relationships between themselves. The Brooks Parties will have no further role with respect to the company. In addition to exchanging mutual general releases, which will end any and all claims and litigation between the company and the Brooks Parties, the Parties have agreed to the termination of all their prior consulting agreements, investment banking agreements, and employment agreements. The settlement also includes a 10-year standstill agreement, and the Brooks Parties have agreed to liquidate any holdings of theirs in USAT in an orderly fashion over the next two years.
 U.S. Alcohol Testing manufactures screening and evidential breath testing equipment used by law enforcement agencies, correctional facilities, industries, and other organizations.
 -0- 11/18/93
 /CONTACT: Gary S. Wolff, 909-466-8378/
 (AAA)


CO: U.S. Alcohol Testing of America Inc. ST: California IN: SU:

NY-LS -- LA043 -- 6323 11/18/93 18:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1993
Words:232
Previous Article:ZIONS BANCORPORATION AND RIO SALADO BANCORP ANNOUNCE MERGER AGREEMENT
Next Article:WILSON ADMINISTRATION OFFICIALS KICK OFF 'WORK PAYS' CAMPAIGN TO ENCOURAGE WORK AMONG WELFARE RECIPIENTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters