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Wednesday August 18, 5:36 pm Eastern Time
Company Press Release
SOURCE: DCI Telecommunications, Inc.
Talk Visual Suit Against DCI Dismissed
STRATFORD, Conn., Aug. 18 /PRNewswire/ -- DCI Telecommunications, Inc. (OTC Bulletin Board: DCTC - news) announced today that a $30 million lawsuit against DCI, its officers and directors as well as several of its shareholders has been dismissed at the plaintiffs' own request. The suit, which DCI maintained was totally without merit, had been filed in Los Angeles by Talk Visual Corporation and its Chairman, Michael Zwebner, a former employee of one of DCI's subsidiary companies. DCI presently has a lawsuit pending against Michael Zwebner in federal district court in Connecticut in which the company is seeking compensatory and punitive damages.
Joseph J. Murphy, President and Chief Executive Officer of DCI, stated that DCI and its officers and directors had asked the court in California to determine that it had no jurisdiction over them, and he confirmed that DCI had previously notified the plaintiffs of its jurisdictional concerns. Murphy added that the company believes the filing of the suit has had a damaging impact on DCI's strategic initiatives, its efforts to finance business expansion and its relations with investor and potential business partners. DCI is reviewing its options regarding possible legal action against Talk Visual Corporation.
DCI Telecommunications is a global provider of telecommunications services, including long distance, prepaid phone cards and Internet services. It has an extensive distribution network throughout North America and Europe. The company owns and operates switching facilities in Europe, with additional facilities planned in the near future. DCI reported $34.1 million in revenues for the year ended March 31, 1999. Additional information can be obtained directly from the company or its web site at dcic.com.
Safe Harbor Statement under the Private Securities Litigation Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the new uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.
SOURCE: DCI Telecommunications, Inc.
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