Infotopia, Inc. Announces Settlement With Cactus Jack, Lawsuit to be Dismissed
BOSTON--(BUSINESS WIRE)--Oct. 18, 2000--Infotopia Inc. (OTCBB:IFTP - news) announced today that it had reached a settlement agreement with Cactus Jack's Marketing Corporation and Jack E. Barringer. Cactus Jack's Marketing Corporation and Jack E. Barringer have agreed to drop their lawsuit against Infotopia, Inc., Ernest Zavoral, and Daniel Hoyng in exchange for $100,000 and the return of all remaining inventory of Cactus Jack's products to Cactus Jack's Marketing Corporation. The lawsuit had asked for damages of $5,000,000 on a variety of complaints.
Daniel Hoyng, Chairman and CEO, stated, ``We are pleased to have settled this matter with Cactus Jack and be litigation free as a Company. It was clear that this matter was nothing more than a serious misunderstanding. It is good for our shareholders to know that a potential $5,000,000 obligation has been retired. It is also very good for our management team, who now can focus 100% of their time on moving the Company forward and continue to build our revenue and profit base. The Infotopia, Inc. team wishes Cactus Jack well in all his future endeavors.''
ABOUT INFOTOPIA
The Company's mission is to produce, market, and distribute an expanding line of high-quality, innovative health, fitness and consumer products. Infotopia is modeling its business after Direct Focus DFXI. Infotopia seeks out products that deliver superior value, outstanding quality, and competitive prices to best satisfy customer demand. The Company markets its products to consumers through a variety marketing channels, including infomercials, distributor alliances, and Internet e-commerce. The management at Infotopia is committed to increasing corporate revenues and profits. The company's website is located at infotopia.com.
This news release includes ``forward-looking statements'' that include risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the Company's ability to produce and market products and/or services and other risks detailed from time to time in their Company's reports filed with the Securities Exchange Commission.
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Contact:
OTC Relations
Robert Tilton, 609/888-4111
IFTP@OTCRelations.com |
