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Technology Stocks : NHC COMMUNICATIONS (TSE:NHC) acquiring THE FIBER COMPANY -- Ignore unavailable to you. Want to Upgrade?

To: Lalit Jain who wrote (75)	9/15/1999 5:34:00 PM
From: Lalit Jain	Respond to of 856

NHC Communications Inc. Reaches Settlement of ''Wireman'' Litigation MONTREAL, Sept. 15 /CNW/ - NHC Communications Inc. (''NHC'') announced today that it has reached a final settlement, subject to documentation, concerning an action in the Ontario Court (General Division) that was commenced in February of 1999 and in which it was named as sole defendant. The plaintiff in the action was Cumberland Management Services Limited (''Cumberland'') on its own behalf and on behalf of 70 co-owners of the ''Wireman'' computer software which was previously purchased from NHC. The action, in which contractual damages of $90 million were claimed, was settled without an admission of liability by NHC for a cash payment of $300,000 and an issuance of 450,000 common shares (the ''Shares'') of NHC to Cumberland, in trust for the 70 co-owners. The Shares will be subject to a twelve-month hold period pursuant to Ontario securities laws. The settlement agreement, which is final and conclusive, forever releases NHC from all claims past, present and future that the co-owners had or may have related to the ''Wireman'' computer software. The management of NHC is pleased to put this litigation behind it, and believes that the settlement will have a positive effect on its future operations. Moreover, management also emphasized the fact that the cash payment of $300,000 and all legal costs related to this litigation have been accounted for in NHC's consolidated financial statements in fiscal 1997 and that, consequently, these amounts will not adversely affect either the consolidated financial results nor the shareholder's equity of the following years. The Shares will be issued for an aggregate consideration of $108,000, which amount will be recorded as a loss on discontinued activities during the fiscal year ending July 30, 1999. -30- For further information: Sylvain Abitbol, President, C.E.O., NHC Communications Inc., 1-800-361-1965, Fax: (514) 735-8057, Internet: pr@nhc.com, Web Site: www.nhc.com or Sylvain Brossard, CA, V.P. Finance and Corporate Controller, NHC Communications Inc., 1-800-361-1965, Fax: (514) 735-8057, Internet: s.brossard@nhc.com