TELS CORPORATION ANNOUNCES SETTLEMENT OF HTI LAWSUIT!
FOR IMMEDIATE RELEASE: Friday, July 17, 1998
CONTACT: Stephen M. Nelson
TELS Corporation
801-756-9606
AMERICAN FORK, UTAH-Stephen M. Nelson, President of Tels Corporation(NASDAQ:TELS), today announced that the Company has reached a final settlement agreement pertaining to its lawsuit with Harold and Diane Neuenswander, former owners of Hash Tech, Inc. (HTI). Under the terms of the agreement both parties agreed to release all past, current and future claims against each other.
Comments from Stephen M. Nelson
Mr. Nelson said, "The termination of this lawsuit and the stoppage of expensive legal costs is expected to be a tremendous boost to the operations of the Company in terms of resources and focus. We believe this settlement will allow us to re-channel these resources towards improving the business. The uncertainty surrounding the final outcome of the litigation and the associated costs have put negative pressure on the earnings of the company over the past two years, and we believe this settlement should benefit the shareholders of TELS."
TELS Corporation through its subsidiaries, designs, builds, assembles, sells and services call accounting and other telecommunications systems. The Company also assembles electronic systems on a contract basis, as well as designs, sells and services computer software products. |
