Projectavision Says Ex-employee Lied to Press
NEW YORK--(BUSINESS WIRE)--March 9, 1997-- Projectavision Inc said the March 7 press release issued by
disgruntled former employee Eugene Dolgoff was grossly inaccurate and misleading.
Dolgoff sued the company after being fired for cause in 1995, amidst accusations that he sexually harassed
Projectavision employees. Projectavision believes that his press release is part of a continuing pattern of behavior
designed to adversely affect the price of the company's securities.
The company noted that neither the Appellate Court, nor any other court, has made a determination that Dolgoff has any
proof to support his claims. The Appellate Court merely reaffirmed its earlier decision that, at this preliminary stage of
the litigation, Dolgoff's complaint has satisfied procedural pleading requirements. A receiver will be appointed to protect
whatever interest, if any, Dolgoff may ultimately be able to prove he has in any of the inventions that he has assigned to
the company. Projectavision also emphasized that neither the nature, nor scope, nor authority nor the term of the
receivership have been determined.
The Court also did not find that Dolgoff has any interest in Projectavision's technologies, including the Digital Home
Theater(TM), which the company is currently manufacturing. Thus Dolgoff's statements that the receivership has been,
"finalized" and that it will "take control of the disputed technologies until the litigation is resolved" are totally false.
Similarly, Dolgoff's claim that "all profit from the (Digital Home Theater) technology" go to him if the courts ultimately
rule in his favor" is pure fiction. The Digital Home Theater(TM) embodies technology assigned to the company by its
founder and chairman, Marvin Maslow, which is used in conjunction with digital micromirror technology. As such,
irrespective of the outcome of the litigation, the company is unaware of any basis on which it would have to pay any
money to Dolgoff with respect to sales of the company's Digital Home Theater(TM).
Maslow remains "highly confident that both investors and the courts will take Eugene Dolgoff's self-serving remarks at
face value: a tale, full of sound and fury, signifying nothing."
CONTACT: Projectavision
Marvin Maslow, 212/971-3000 (chairman)
or
Frank Hawkins, 305/852-2383 (institutional IR)
or
Tony Schor, 847/945-2222 (U.S. Broker/IR)
or
Karl H. Ehlert, 011-34-71 824498 (Europe/IR) |
