Monday February 26, 8:04 am Eastern Time
Press Release
SOURCE: The Titan Corporation
Botti Brown and Titan Reach Confidential Settlement Agreement
SAN DIEGO, Feb. 26 /PRNewswire/ -- The Titan Corporation (NYSE: TTN - news) today announced that Botti Brown Asset Management, LLC and The Titan Corporation reached a confidential settlement agreement, and Titan has agreed to dismiss its lawsuit against Botti Brown.
Botti Brown prepared two sets of notes concerning Titan dated May 17, 2000 and August 15, 2000 for a small discussion group of professional investment managers. The notes, which included comments relating to Titan subsidiaries Titan Systems, Titan Wireless, SureBeam and Cayenta, reflects points of view as of the dates of the notes. Botti Brown has agreed to clarify the following:
-- Since preparing the notes, additional information has become available
to Botti Brown in public conference calls and amended public filings.
-- Botti Brown does not dispute Titan management's statements in those
conference calls and filings reporting sales transactions for SureBeam
systems, the number of systems that can be produced per year, and the
number of commercial customers generating per pound processing fees.
-- Botti Brown does not dispute that SureBeam's proposed initial public
offering as described in its registration statement as amended on
January 11, 2001 would define the value of SureBeam to Titan upon
closing, as represented by Titan management in its public filings.
-- In the sections of the notes that refer specifically to accounting,
the notes did not say or intend to suggest that Titan was engaging in
any accounting for its transactions that is not in accordance with
Generally Accepted Accounting Principles.
-- In referring to "related party" transactions, the notes were not using
the phrase in the definition used by Titan in its financial
statements, which are audited by its independent public accountants.
The notes did not say or intend to suggest that Titan's revenue
recognition with its SureBeam and Titan Wireless partners was not in
accordance with GAAP or not in accordance with the discretion under
GAAP that public companies regularly exercise.
-- With regard to Cayenta, the notes did not say or intend to suggest
that in 1999 and 2000, Cayenta's revenues were not growing, and the
notes do not dispute Titan's statements in public filings about
Cayenta's 1999 and 2000 revenue growth and Cayenta's business model.
-- Botti Brown does not dispute Titan management's statements in these
public filings about Titan's overall corporate strategies, credit
facility, capital expenditures and Titan's business model.
-- Botti Brown no longer holds any position in Titan stock and has no
opinion at this time about the current value of Titan stock, including
any opinion that may have been previously expressed in the notes.
Headquartered in San Diego, California, The Titan Corporation creates, builds and launches technology-based businesses, offering innovative technical solutions. Three of Titan's four core businesses develop and deploy communications and information technology solutions and services. In addition, Titan markets the leading technology for the electronic pasteurization of food products and is continually identifying promising technologies suitable for commercialization. The company has 7,600 employees, annualized sales of approximately $1 billion and total backlog in excess of $2.2 billion.
``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings. The statements made by Botti Brown in this press release are not, and should not be taken to be, recommendations, endorsements or opinions concerning the value of the stock of Titan or of any of its subsidiaries.
Media Contact: Wil Williams, Vice President Corporate Communications (858) 552-9724 or wwilliams@titan.com
Investor Relations Contact: Rochelle Bold, Vice President Investor Relations (858) 552-9400 or rbold@titan.com
If you would like to receive press releases via electronic mail, please contact invest@titan.com
Press Releases and other Titan information are available on The Titan Corporation's World Wide Web site: titan.com
SOURCE: The Titan Corporation
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