Re: 8/9/00 - [PEAKF] Former CEO, Richard Brook, Was Terminated for Good Cause Arbitration Award Nets Peak More Than $500,000 in Damages and Fees
Former CEO, Richard Brook, Was Terminated for Good Cause Arbitration Award Nets Peak More Than $500,000 in Damages and Fees
FREMONT, Calif. and HONG KONG, Aug 9, 2000 /PRNewswire via COMTEX/ -- Peak International Limited (Nasdaq: PEAKF chart, msgs; Amex: PTT* chart, msgs) today reported that the matter of Richard Brook vs. Peak International Limited was decided on August 4, 2000. The arbitrator found that Richard Brook was terminated for good cause for disclosing confidential information in violation of his fiduciary duties to the company and that he acted with malice. The net award in favor of Peak includes $100,000 in exemplary damages and totals approximately $500,000.
While Peak failed to prove that Richard Brook was responsible for defamatory postings on a YAHOO message board, Peak is pursuing a defamation action against Richard Brook's brother, Michael Brook, who posted messages as doctrstock.
Jack Menache, Peak's General Counsel, said, "We are very pleased with the decision which constitutes a complete vindication of Peak."
About Peak International Limited
Peak International Limited is a low cost leading supplier of precision-engineered transport products for storage, transportation and automated handling of semiconductor devices and other electronic components. Peak employs approximately 2200 people worldwide, directly and through its Shenzhen, China operating partner. Peak operates warehouses throughout the world and offers JIT services to leading semiconductor manufacturers and assemblers. Peak is a leading recycler of used plastic matrix trays operating worldwide under its SemiCycle tradename.
*About Peak TrENDS Trust
Each share of PTT is entitled to a quarterly distribution of approximately $0.354 and, subject to a cash settlement feature, will be exchanged for between .8696 and 1 share of PEAKF on May 15, 2001. Peak International Limited is not affiliated with the Trust and has no obligations with respect to the TrENDS. Information regarding the TrENDS may be obtained from the trust, 850 Library Avenue, Newark, DE 19715, Attn: Donald Puglisi 302-738-6680.
This press release contains forward-looking statements that are subject to certain risks and uncertainties, including among others, the ability of the company to attract and retain employees, difficulties related to working in the PRC, market demand for the company's products, issues related to costs of manufacturing and raw materials, and other matters that could cause actual results to differ materially from the projections made herein. The words "believes," "expects," "anticipates," "intends," "plans," "estimates" and similar expressions identify such forward looking statements.
CONTACT: Jack Menache of Peak International Limited, 510-449-0104.
Source: Peak International Limited
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Contact:
Jack Menache of Peak International Limited, 510-449-0104
URL: peakf.com
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