ANTs software.com Awarded Summary Judgment in the 'Mosiac Case'
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Wednesday March 1, 3:01 am Eastern Time
Company Press Release
ANTs software.com Awarded Summary Judgment in the 'Mosiac Case'
Result Adds Further Support for ANTs' Malicious Prosecution Suit Against Plaintiff
BURLINGAME, Calif.--(BUSINESS WIRE)--March 1, 2000--ANTs software.com, (OTCBB:ANTS - news; www.antssoftware.com) a developer of advanced technologies to speed up computer processing today announced that a summary judgment in favor of the Company had been rendered in the case of Lauffs versus Mosiac Multisoft Corporation (``Mosiac') et al., in which the Company was a defendant.
Frederick D. Pettit, ANTs Chief Executive Officer said, ``As indicated in our earlier press release of January 24, 2000, we anticipated this total victory from the moment this second suit was brought. We had already initiated a malicious prosecution suit against plaintiff on September 17, 1999 as a result of an earlier suit brought on exactly the same grounds and also resulting in a dismissal in our favor.'
``These suits were groundless from the outset, involving ANTs in significant use of time and money, and creating the basis for a host of unfounded rumors which never should have arisen because neither suit should ever have been brought. We intend to seek financial redress through the courts for this malicious prosecution.'
The San Diego County Superior Court had heard oral argument on the motion of the Company and others for summary judgment on February 4, 2000, and issued its formal order on February 29, 2000. In the case, a former creditor of the Company's licensee, Mosiac, claimed that the Company was responsible for a January 1995 decision of Mosiac's board of directors to terminate the employment of Mosiac's president.
The Court held that the plaintiff was attempting to violate ``an elementary principle of law that a court has no power or right to intermeddle with internal affairs of a corporation in the absence of fraudulent conduct on the part of those who have been lawfully entrusted with the management and conduct of its affairs' and ruled that the case is ``barred in its entirety by the Business Judgment Rule.'
As a result of this disposition, the Company will seek leave to expand its complaint in its pending lawsuit against the plaintiff for malicious prosecution of the prior action involving the very same issues, which the Court previously dismissed in December 1998.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the ``Act'). In particular, when used in the preceding discussion, the words ``plan', confident that``, 'believe``, 'expect``, 'intend to``, and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings,and other risks.
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Contact:
ANTs software.com
Leigh Salvo, 510/693-5238 (Investor Relations)
leigh@fullcirclesolutions.com |
