GRAVIS SOARS TO $15 ON LAWSUIT SETTLEMENT.
Just kidding. Turkeys don't fly.
But with this lawsuit lost, the new and less stupid
Gravis can get on with plastic fantasies. The stock may
actually crawl out of the gutter and go over $1 by Friday.
Almost tempted to get burnt again.
Gravis, I hate you.
CANADA NEWSWIRE:
VANCOUVER, April 15 /CNW/ - Advanced Gravis Computer Technology
Ltd. announced today that it has finalized and entered into a
settlement agreement with Focal Point 3D Audio. As previously
announced, Focal Point obtained an arbitration award against the
Company of US $436,709 and was proceeding forward with a related
pending lawsuit. The settlement of this award and the ongoing
related lawsuit filed by Focal Point has now been concluded.
Pursuant to the settlement agreement, Advanced Gravis has paid
Focal Point US $200,000. A further payment of US $257,000 is to be
paid to Focal Point by May 23, 1996. Additionally, the Company will
issue 1,000,000 common shares of the Company on May 23, 1996 as part
of the settlement. Once these payments and shares have been issued,
Focal Point and all the related parties will execute general releases
dismissing all claims past, current and future regarding this matter.
Advanced Gravis designs, manufactures and markets joysticks,
GamePads and high-end sound cards for both Macintosh and
IBM-compatible computers to customers worldwide. Advanced Gravis can
also be reached at our WEB site at WWW.GRAVIS.COM. |
