Environmental Solutions Worldwide, Inc. Announces Discontinuance of Lawsuit Filed Against Company With Prejudice
March 27, 2003 1:48:00 PM ET
TELFORD, Pa.--(BUSINESS WIRE)--March 27, 2003--Environmental Solutions Worldwide Inc. (ESW) ESWW, announced today that the lawsuit which had been brought against it and others by Robert Vivacqua, John Greco and Ronald Rickett in the United States District Court, Eastern District of Pennsylvania, has been discontinued with prejudice by all Plaintiffs. Discontinuation "with prejudice" means that they cannot bring the same or similar lawsuit against the company again, nor can they be part of any other action which seeks the same relief against the company or any of the other defendants.
Rather than proceed on its counterclaims against the Plaintiffs, which would have consumed additional time, effort and resources of the company and its Officers and Directors, the company elected to discontinue its counterclaims against the plaintiffs to bring closure to the matter.
Neither the company nor any defendants were required to make any payment of any kind to the plaintiffs. John A. Donohoe, Jr., the company's Chairman, Chief Executive Officer and President, stated "the reasons why the plaintiffs decided to discontinue rather than proceed to trial are best addressed to the plaintiffs themselves, as the company was prepared to go to trial on March 31 2003 as it believed the plaintiffs could not prove their claim and that the company had a meritorious defense."
Mr. Donohoe further stated, "ESW will vigorously defend against any claims that it believes to be without merit."
About Environmental Solutions Worldwide Inc.
With headquarters in Telford, Pennsylvania Environmental Solutions Worldwide is a publicly traded company engaged through its subsidiaries in the design, development, manufacture and sale of environmental technologies currently focused on the international automotive and transportation industries. ESW manufactures and markets a line of catalytic emission control products and catalytic conversion technologies for a multitude of applications.
For updated information, please visit the Company's Web site at: www.cleanerfuture.com.
Safe Harbor
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased" "plan," "confident that," "believe," "expect," or "intend to," and similar conditional expressions are intended to identify forward looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company's SEC reports and filings.
Contact Information:
Environmental Solutions Worldwide, Inc.
David Johnson, 905/850-9970
djohnson@cleanerfuture.com
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