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Gold/Mining/Energy : Ultrasonic Industrials USI/ASE
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To: Abbeydale who wrote (40)5/26/1998 11:01:00 AM
From: Abbeydale  Read Replies (1) of 47
 
If anyone still cares.....

Subject:
Stockwatch: United Industrial Services Ltd - News Release
Date:
Tue, 26 May 1998 07:35:55 -0700
From:
newsout@canada-stockwatch.com

Lawsuit discontinued; road bans lifted in Peace River

United Industrial Services Ltd UIS
Shares issued 54,479,710 May 25 close $0.70
Tue 26 May 98 News Release
Mr. Jim Norrie reports
United Industrial Services advises that the lawsuit which named the company
as a defendant, along with some shareholders and former officers and other
persons, has been discontinued in so far as it relates to the company.
The company has always maintained, with the support of counsel, that the
claims were without merit and that they did not expose the company to any
material liability.
The company was disappointed that the prospectus filed on Feb. 27, 1998 had
to be amended to disclose the lawsuit, which was commenced shortly after
the prospectus was filed. United Industrial Services believes that the
prospectus amendment had a negative impact on the company and has
instructed its counsel to advise what legal avenues are available to
retrieve costs and damages. The management of the company believes that
this announcement formally relieves United Industrial Services of all legal
claims which expose the company to any material liability.
Road bans in the Peace River area are expected to be lifted this week and
site clearing for the new silica sand plant will start immediately.
Foundations will be poured the following week with the plant scheduled to
start-up this summer.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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