YES.............................
* Projectavision Defeats Dolgoff's Receivership Proposal; Court Rules That
Digital Home Theater(TM) Not Subject to Receivership
494 Words
4095 Characters
06/24/97
06:45
PR Newswire
(Copyright (c) 1997, PR Newswire)
* NEW YORK, June 24 /PRNewswire/ -- Projectavision, Inc. (Nasdaq: PJTV)
announced today that Eugene Dolgoff's bid for a broad receivership has been
* rejected by the New York Supreme Court. As a result of Projectavision's
victory, the Court appointed temporary receiver will have no impact on the
Company's ongoing business and day-to-day operations. In particular, the
Company's Digital Home Theater is not subject to the receivership. The New
York Supreme Court labeled as "absurd" the nature of the receivership proposed
by Dolgoff, and expressly stated that the relief sought by Dolgoff is
"reject(ed) out of hand" and "will not be granted."
Martin Holleran, President and Chief Executive Officer of the Company,
stated that, "This decision vindicates the Company, confirming its absolute
right to proceed with its business and operations, including sales of the
Digital Home Theater, without any interference or impediment from Eugene
Dolgoff. The Company is gratified that the New York Supreme Court agreed with
its position and that Eugene Dolgoff will not be permitted to interfere with
the Company's ability to conduct its business." Marvin Maslow, the Company's
Chairman, added that, "The Company is confident that it will also ultimately
prevail in its litigation with Dolgoff."
The temporary receiver's authority will be limited to technology on which
Dolgoff is listed as an inventor. The receiver will supervise the patent
application process for such technology. In addition, the receiver will
supervise the licensing of such technology, none of which is part of the
Digital Home Theater. Since none of the technology invented by Dolgoff is
presently being used by the Company, the Company does not believe that the
receivership will affect its business in any manner whatsoever.
* Projectavision, Inc. is a New York based company, in the business of
developing and marketing technological innovations in the electronics display
* and information industries. Projectavision has developed patented and patent
pending technologies which significantly enhance projected television images.
* Projectavision has also developed patented and patent pending technologies for
interchangeable front and rear screen Home Theater Television systems. Copies
* of Projectavision's press releases, SEC filings, current price quotes, and
other corporate information may be found on the website at
hawkassociates.com.
The foregoing press release contains forward-looking statements, including
statements regarding, among other items, the Company's expectations of its
future business and the outcome of litigation. These forward-looking
statements are based largely on the Company's expectations and subject to a
number of risks and uncertainties, certain of which are beyond the Company's
control. Actual results could differ materially from these forwarding-
looking statements as a result of a variety of factors including, among
others, the production schedules of unaffiliated third parties, availability
of component parts, the ultimate outcome of litigation, consumer acceptance of
the Company's product, and prevailing economic conditions as they affect the
consumer electronics industry in general. In light of these risks and
uncertainties there can be no assurance that the forward-looking statements
contained in this press release will in fact transpire or prove to be accurate.
* /CONTACT: Marvin Maslow, Chairman of Projectavision, 212-971-3000;
Frank Hawkins of Hawk Associates, investors, 305-852-2383; Tony Schor
of Investor Awareness, investors, 847-945-2222; Karl H. Ehlert,
investors, 011-34-71-825719; or Alex Stanton of Stanton-Crenshaw,
media, 212-727-3300/
06:30 EDT
I0607 * End of document. |
