Vari-L Company Announces Formation of Special Litigation Committee it is about time!
DENVER, Jan. 29 /PRNewswire-FirstCall/ -- Vari-L Company, Inc. (OTC: VARL - news), a leading provider of advanced components for the wireless telecommunications industry, today announced the formation of a Special Litigation Committee to investigate allegations of wrongdoing by former employees as well as current and former members of the Company's board of directors.
The Special Litigation Committee is comprised of two outside directors who joined Vari-L's board subsequent to the time of the alleged wrongdoing. The committee members are Gil Van Lunsen, a retired senior partner of the international auditing and accounting firm KPMG LLP, who joined the board in May 2001; and David Risley, senior vice president and CFO of La-Z-Boy Incorporated, who joined the board in November 2001. The Special Litigation Committee has retained the firm of Cooley Godward LLP as its counsel.
Charles Bland, president and CEO of Vari-L, said the formation of the Special Litigation Committee underscores the Company's commitment to complete a thorough and independent investigation and to resolve all outstanding legal issues in the best interests of current and former shareholders.
Headquartered in Denver, Vari-L designs, manufactures and markets wireless communications components that generate or process radio frequency (RF) and microwave frequency signals. Vari-L's patented products are used in commercial infrastructure equipment (including cellular/paging/PCS base stations and repeaters, fixed terminal point to point/multi-point data radios including LMDS/MMDS), consumer subscriber products (advanced cellular/PCS/satellite handsets, web-enabled smart phones, 2-way pagers, wireless PDAs, home networking), and military/aerospace platforms (satellite communications/telemetry, missile guidance, electronic warfare, electronic countermeasures, battlefield communications). Vari-L serves a diverse customer base of the world's leading technology companies, including Adaptive Broadband, Agere, Agilent Technologies, Digital Microwave, Ericsson, Boeing Satellite Systems, Harris, Lockheed Martin, Lucent Technologies, Microwave Data Systems, Mitsubishi, Motorola, NEC, NeoPoint, Netro, Nokia, Novatel Wireless, Raytheon, and Siemens.
Some of the statements we make in this news release are ``forward-looking statements'' as that term is used in the Private Securities Litigation Reform Act of 1995. In most cases, when we use words like ``believe,'' ``expect,'' ``estimate,'' ``anticipate,'' ``project,'' or ``plan'' to describe something which has not yet occurred, we are making a forward-looking statement. Forward-looking statements we make are based on a number of assumptions by us about the future, usually based on current conditions or on the broader expectations of others. These assumptions may or may not prove to be correct and, as a result, our own forward-looking statements may also be inaccurate. On the other hand, based on what we know today and what we expect in the future, we believe that the forward-looking statements we make in this news release are reasonable.
We cannot list here all of the risks and uncertainties that could cause our plans for the future to differ materially from our present expectations but we can identify many of them. For example, we may be affected by the overall market for various types of wireless communications products, the success of the specific products into which our products are integrated, governmental action relating to wireless communications, licensing and regulation and the timeliness and relative success of the resolution of pending and threatened litigation. It is also important to remember that forward-looking statements speak only as of the date when they are made and we do not promise that we will publicly update or revise those statements whenever conditions change or future events occur. Accordingly, we do not recommend that any person seeking to evaluate our company should place undue reliance on any forward-looking statement in this news release.
SOURCE: Vari-L Company, Inc.
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