Re: AHTC update (Settlement reached)
COURT RULES BUKSTEL BROTHERS ATTEMPTED TO DEPRESS AHT CORPORATION?S STOCK THROUGH YAHOO POSTINGS PRELIMINARY INJUNCTION VACATED
Tarrytown, NY, July 23, 1999 ? AHT Corporation (Nasdaq: AHTC) announced today that in finding ?that plaintiffs [Bukstel and Halfpenny, Incorporated and Edward Bukstel and David Bukstel] attempted to depress the stock price of defendant?s stock through their postings and used the [preliminary] injunction to attempt to realize a financial settlement,? a New York State Supreme Court Justice for the County of Westchester granted AHT?s motion to vacate a preliminary injunction that had been previously granted to Bukstel & Halfpenny, Inc. (B&H). The preliminary injunction was related to the lawsuit brought by B&H that seeks the reversal of AHT?s 1997 acquisition of B&H?s assets, including the Dr. Chart© software.
In his ruling, the Honorable James R. Cowhey, wrote, ??this court vacates the preliminary injunction on May 13, 1999 and finds that the plaintiff was guilty of unclean hands in its application for injunctive relief as plaintiff has engaged in conduct of misrepresentation, misstatements and unreliable information substantially related to the issues in the litigation which seriously impinged upon deceit, unconscionability and bad faith.? The Judge added, ?This plaintiff has not been frank and fair with this court and plaintiff failed to put forth all the material facts known to plaintiff to enable this court to give a full and fair determination of the matter in controversy.?
Specifically, Judge Cowhey found that B&H?s ?Chairman and President, Edward Bukstel, and brother as well as fellow officer of plaintiff, David Bukstel, as well as other family members, purchased thousands of shares of defendant?s stock. Also during this time [through May 1999] Edward Bukstel and David Bukstel sold shares of defendant?s stock at a profit. Thus, plaintiffs? action by its chief corporate officers were in direct contradiction to what plaintiff was claiming in its papers to the court. Plaintiff admitted in testimony that AH[T] stock was ?good value? contrary to its claim in its papers.?
Additionally, the Judge wrote, ?Plaintiff failed to disclose that during the time complained of, commencing on July 6, 1998 through May 1999, plaintiff through Edward Bukstel and David Bukstel in an attempt to benefit plaintiff corporation, posted hundreds of negative messages about AH[T] on Yahoo?s message board for AH[T] stock on the Internet, using various pseudonyms and not disclosing their relationship to the company or the lawsuit at issue. Plaintiff admitted in testimony that it was aware that such posting on the message board is an influencing factor that affects the stock price. In such postings, plaintiff encouraged defendant to financially settle this lawsuit without disclosing plaintiffs? interest.?
Judge Cowhey determined, ??that plaintiffs? unclean hands in participating in a course of deceptive conduct related to the issue in this case, is a bar to entitlement to the equitable remedy of a preliminary injunction. Accordingly, the preliminary injunction issued by this Court is vacated in all respects.?
AHT filed its motion to vacate the preliminary injunction on June 14 of this year based on evidence confirming that Ed Bukstel and David Bukstel, Chairman/President and Secretary, respectively, of B&H, were responsible for more than 300 postings on the Yahoo! Message Board that were said to be abusive, unethical, and fraudulent and that appeared to be designed to pressure AHT into a monetary settlement with respect to B&H?s lawsuit. The Bukstel brothers admitted in Court that they made several hundred postings under a number of false identities.
AHT said it intends to continue to defend against the B&H lawsuit, which it believes to be without merit.
AHT Corporation participates in the growing healthcare e-commerce market. The Company provides information technology enabling the electronic management of laboratory and prescription transactions. AHT?s goal is to be a leading provider of Internet-based clinical e-commerce among physicians and healthcare organizations. For more information, please visit AHT?s website at www.ahtech.com.
This press release contains forward-looking information regarding AHT Corporation. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth may be significantly impacted by certain risks and uncertainties, including, but not limited to, failure of the clinical e-commerce industry to develop at anticipated rates, failure of the Company's clinical information technology products and services to gain significant market acceptance, competition and other economic factors. No assurances can be given as to the outcome of any pending lawsuits involving AHT. These forward-looking statements speak only as of the date hereof, and the Company disclaims any intention or obligation to update these forward-looking statements in the future. Additional risks and uncertainties are described in AHT's public filings with the Securities and Exchange Commission.
Contact: Arthur Dague
914-524-4783
e-mail: adague@ahtech.com
ahtech.com
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AHT CORPORATION AND BUKSTEL AND HALFPENNY, INCORPORATED SETTLE LAWSUIT
Tarrytown, NY, August 11,1999 - AHT Corporation (Nasdaq: AHTC) announced today that it reached a settlement with Bukstel & Halfpenny, Incorporated (B&H) of B&H's lawsuit which sought rescission of AHT's 1997 acquisition of B&H's assets, including the Dr. Chart© product and related software. Under the terms of the settlement, B&H has withdrawn its rescission action and releases AHT from any other present or future claims in return for a $1.5 million payment.
AHT has sole and unencumbered discretion to market, sell and transfer its Internet-based laboratory transaction management technology, including the software source code for Dr. Chart© and related AHT proprietary software products. AHT also remains free to include software escrow provisions in any Dr. Chart© licensing contract.
AHT's Internet-based Dr. Chart product links physicians to clinical laboratory systems, enabling them to initiate laboratory orders and view the results rapidly and accurately from their desktop PC. In addition, the Company's Internet-based E-RxNet© product is designed to provide prescription writing and transmission services between physicians and prescription benefit managers, as well as pharmacies, including on-line
pharmacies. AHT's strategy is to leverage its Internet-based laboratory and prescription transaction management products and to continue expanding national distribution channel relationships and building strategic partnerships that will provide access to physicians and other healthcare providers in the United States.
AHT Corporation (Nasadaq: AHTC) participates in the growing healthcare e-commerce market. The company provides information technology enabling the electronic management of laboratory and prescription transactions. AHT's goal is to become a leading provider of Internet-based clinical e-commerce among physicians, other healthcare providers and healthcare organizations. For more information, please visit AHT's web site at www.ahtech.com.
This press release contains forward-looking information regarding AHT Corporation. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth may be significantly impacted by certain risks and uncertainties, including, but not limited to, failure of the clinical e-commerce industry to develop at anticipated rates, failure of the Company's clinical information technology products and services to gain significant market acceptance, competition and other economic factors. These forward-looking statements speak only as of the date hereof, and the Company disclaims any intention or obligation to update these forward-looking statements in the future. Additional risks and uncertainties are described in AHT's public filings with the Securities and Exchange Commission.
Contact: Arthur Dague
914-524-4783
e-mail: adague@ahtech.com
ahtech.com |
