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Non-Tech : Littlefield Corporation (LTFD)

LTFD 0.170

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Sep 29 11:29 AM EST

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To: WR61499 who wrote (10296)	1/31/2006 6:36:47 PM
From: WR61499	of 10368

I guess this answers my question - Press Release Source: Littlefield Corporation Littlefield Corporation Announces Bonding of Furtney Matter Tuesday January 31, 1:18 pm ET AUSTIN, Texas--(BUSINESS WIRE)--Jan. 31, 2006--Littlefield Corporation (OTCBB:LTFD - News) announces that it has posted a supersedeas bond to allow the appeal of the Furtney matter to proceed in an orderly manner. In order to obtain the bond, the Company entered into a credit arrangement with Plains Capital Bank which will allow for the payment of any sums owed should the Company fail in its appeal or a separate but related fraud lawsuit. The Company has previously reserved for this eventuality in its accounts in accordance with GAAP and this contingent credit extension provides the mechanism to make full payment should that become necessary. In that regard, it is a final resolution of the financial obligations which the Company may incur should it not be successful. The Company continues to press its fraud allegations against Philip Furtney in his personal capacity. The Company has alleged in its lawsuit that Furtney avoided and refused legal service of the personal fraud lawsuit for several years. The Company was able to serve Furtney at the trial in which corporations controlled by Furtney were the plaintiffs. Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments: "Last year the Company lost round one of the Furtney legal matters in Florida. "This action allows the Company to pursue its appeal of that decision in a calm and orderly manner while simultaneously vigorously pursuing its claim against Philip Furtney in his personal capacity. This latter matter will go to trial in 2006. "We greatly appreciate the support of Plains Capital Bank."

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