Projectavision product launch to proceed as planned
NEW YORK--(BUSINESS WIRE)--Jan. 24, 1997-- Projectavision Inc announced today that
its plans to introduce its award-winning Digital Home Theatre during the first quarter of 1997
remain unaffected by a recent decision by a New York court in ongoing litigation with Eugene
Dolgoff, one of the company's former officers.
The decision authorizes the appointment of a temporary receiver with respect to certain
Projectavision patents, none of which the company believes are employed in the company's Digital
Home Theatre, which earlier this month won the 1997 Design & Engineering Showcase Award at
the recently completed Consumer Electronics Show in Las Vegas. The Court has permitted the
appointment of a temporary receiver to safeguard whatever interests, if any, Dolgoff may have in
certain of the company's patents. The Digital Home Theatre, which Projectavision developed after
Dolgoff's termination, is not a subject of the Dolgoff lawsuit and is expected by management to be
outside the purview of the temporary receiver. The Digital Home Theatre offers consumers the
flexibility of a 60-inch rear projection TV, a front projection home theatre image size ranging up to
20 feet (240 inches), and a giant screen SVGA high resolution computer monitor, all in one
easy-to-use product.
The litigation, which has been ongoing for almost two years, concerns the termination of Dolgoff by
Projectavision's Board of Directors based upon Dolgoff's alleged wrongful conduct, failure to act
in the company's best interests, Dolgoff's breach of fiduciary duties and other grounds, including
Dolgoff's continual inappropriate behavior giving rise to at least one claim of sexual harassment
made by a former employee of the company. Although the court decision does not affect the
company's plans to market the Digital Home Theatre, nor does it determine the outcome of the
case, the company does intend to seek leave to appeal and will prosecute Projectavision's claims
against him to the full extent of the law.
The foregoing press release contains forward looking statements, including statements regarding,
among other items, the timing and direction of the company's growth and the introduction of certain
of the company's products. These forward looking statements are based largely on the company's
expectations and subject to a number of risks and uncertainties, certain of which are beyond the
company's control. Actual results could differ materially from these forward looking statements as
a result of a variety of factors including, among others, the production schedules of unaffiliated third
parties, availability of component parts, obtaining requisite regulatory and judicial approvals, issues
relating to optics, and prevailing economic conditions as they affect the consumer electronics
industry in general. In light of these risks and uncertainties there can be no assurance that the
forward looking statements contained in this press release will in fact transpire or prove to be
accurate.
CONTACT: Projectavision Inc., New York
Marvin Maslow or Martin J. Holleran
212/971-3000 |
