On July 26, 1994, the Company was served with a complaint entitled
"Aksglade, et al. vs. Leasing Technology, Incorporated, et al.," civil number
94C 345S, filed in the United States District Court for the District of Utah,
Central Division. The complaint alleges that the Company and certain other
entities and individuals, including GVIC and the officers and directors of the
Company and GVIC, acted in a manner that caused unregistered shares of the
Company's common stock to be sold in the European marketplace to the plaintiffs
at prices above actual trading prices. The complaint further alleges that
certain affiliates of the Company failed to disclose that certain affiliates
of the Company were selling stock in Europe at prices above actual trading
prices and without disclosing their affiliation with the Company. The
plaintiffs seek damages of $1,386,535 and other exemplary and punitive damages.
The Company believes that this case has been settled. Counsel for the
plaintiff has the signed settlement stipulations and indicates that they will be
delivered to the judge for his signature. |
