Trotzdem fast ATL - ein Witz!!!
Wenn es hier losgeht, dann richtig...
TEAM Communications Group, Inc. Settlement of Class Action Lawsuits Reached;
Settlement Within Insurance Limits
LOS ANGELES, Dec 11, 2001 (BUSINESS WIRE) -- TEAM Communications Group, Inc.
(Nasdaq: TMTV) (Neuer:TME) ("TEAM") today announced that it has entered into a
Memorandum of Understanding (MOU) that settles all claims against the Company in
connection with the consolidated shareholder class action suits that have been
filed in Federal District Court.
The MOU, which is subject to final documentation, initial court approval, notice
to class members, and final court approval, provides that all claims against the
Company will be dismissed with prejudice and that all settlement costs will
funded by insurance carriers.
"The settlement of the shareholder class action suits against the Company
removes a major source of uncertainty surrounding TEAM and its future," said Jay
J. Shapiro, TEAM's president. "We are particularly pleased that the amount was
covered in its entirety by insurance and that the settlement was accomplished
with no significant out-of-pocket costs to the Company."
This settlement comes on the heels of a number of other positive developments
that have taken place at TEAM since the Board of Directors appointed current
senior management in September of this year.
Mr. Shapiro stated, "Over the past three months we have successfully negotiated
an investment from Murchison Media Group which has resulted in interim financing
and up to $5,000,000 by June 30, 2002. In addition, we also reached a settlement
of the dispute with Frankfurter Film Products, Inc., a German production entity.
This settlement, like today's announcement, was achieved with no cash outlay or
other financial burden to the Company," Mr. Shapiro continued.
"Based upon the results achieved in the third quarter, in which TEAM generated
$164,400 in earnings before interest, depreciation and taxes (EBITDA), together
with the accomplishments over the past three months, we believe that TEAM is now
headed in the right direction and are optimistic that we can begin to approach
profitability in the not too distant future," Mr. Shapiro added.
"Looking ahead, we intend to build upon TEAM's core strength to identify,
acquire and distribute specialty television and motion picture programming to
meet the growing needs of cable operators and independent broadcasters on a
global basis," Mr. Shapiro concluded.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this news
release contain statements that are forward-looking, such as statements relating
to consummation of the transaction, anticipated future revenues and the success
of current product offerings. Such forward-looking information involves
important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ materially from
this expressed in any forward-looking statements made by or on behalf of TEAM
Communications Group, Inc. For a description of additional risks and
uncertainties, please refer to TEAM Communications Group, Inc., filings with the
Securities and Exchange Commission, including Form 10-K and Form 10-Qs available
at (www.sec.gov).
CONTACT: TEAM Communications Group, Inc.
Jay J. Shapiro, 310/312-4400
or
Sitrick and Company
Jeff Lloyd, 310/788-2850
URL: www.businesswire.com
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