Wednesday May 9, 9:04 am Eastern Time
Press Release
New Visual Entertainment Obtains Retraction Regarding Message Board Postings
SAN DIEGO--(BUSINESS WIRE)--May 9, 2001--New Visual Entertainment Inc. (OTCBB:NVEI - news), a pioneer in the development of proprietary transmission technology, Wednesday announced it has reached an out-of-court settlement with one defendant in a lawsuit that it brought against several defendants who had posted information regarding New Visual on the Raging Bull message board.
The lawsuit alleged that various persons posted false, misleading and defamatory information about New Visual Entertainment and its business practices and management on the Internet.
John Howell, executive vice president of New Visual, stated, ``It was important to us to set the record straight. While it is our policy not to comment on rumors or speculation, because of the widespread nature of defamatory statements that originated on the Raging Bull Web site, we felt that in this case a formal response was necessary. We hope that the settlement announced today will put the information available on Internet message boards regarding New Visual in their proper context.''
New Visual Entertainment reached a settlement with one defendant, identified as ``wbe,'' who stated, `` `wbe' hereby fully and publicly retracts each and every one of its messages regarding New Visual Entertainment Inc. posted on the Raging Bull message board.''
The settlement agreement contains additional provisions in which ``wbe'' further represented that it has not at any time purchased, offered to purchase, traded, sold or offered to sell New Visual stock, whether as a broker, agent or principal. ``wbe'' agrees to never again post messages on any public forum as ``wbe'' or any other pseudonym.
New Visual Entertainment has dismissed the lawsuit without prejudice against the other defendants. As a result, New Visual management maintains the option to re-open the lawsuit at any time should additional evidence surface regarding any of the defendants.
About New Visual Entertainment Inc.
New Visual Entertainment is pioneering the development of a proprietary broadband transmission technology with the mission to utilize existing copper telecommunications infrastructure to deliver high data content to the home or office at VDSL or fiber optic transfer rates. Through its New Wheel Technology Inc. subsidiary, New Visual Entertainment is developing this technology, which would allow the bundling of voice, video, and data over existing copper telephone wires, thus potentially eliminating the need for fiber optic cable to the home or office. Its initial development efforts include Very High Rate Digital Subscriber Line (VDSL), and have demonstrated results exceeding industry standards. New Visual Entertainment's common stock is traded on the Over-The-Counter Bulletin Board under the symbol NVEI.
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Contact:
New Visual Entertainment, San Diego
John Howell (investors)
or
Rich Wilson (media)
619/692-0333
or
Fleishman-Hillard for New Visual Entertainment
Bridget Stachowski (media), 619/237-7717
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