To: Stock Watcher who wrote (16612 ) 10/12/1999 8:47:00 PM From: Investor Clouseau Read Replies (1) | Respond to of 52051
sw, WLGS news from this afternoon in case you haven't seen it; October 12, 1999 02:14 PM OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 12, 1999--World Wide Wireless Communications, Inc. WLGS and Credit Bancorp, Ltd. announced today that they have settled their on-going contract dispute. It was further announced that the lawsuits filed last month in the U.S. District Court in San Francisco by the Company and by one of its major shareholders against Credit Bancorp, Thomas M. Rittweger, Dennis, Mazurkiewicz and Douglas Brandon are being dismissed with prejudice. Although the specific terms of the settlement were not released, the parties announced that Credit Bancorp had agreed to provide immediate investment of $740,000 to the Company pursuant to a new arrangement that does not require shares of the Company's common stock to be held as collateral by Credit Bancorp. Thus, all of the shares of common stock which had originally been provided to Credit Bancorp are being returned immediately to the Company in exchange for the new investment agreement. "We regret that our misunderstandings brought about our August 10, 1999 press release and the filing of a lawsuit, and we are pleased to have been able to resolve the dispute which arose between our Company and Credit Bancorp," noted Douglas P. Haffer, President of World Wide Wireless Communications. "In addition to resolving the misunderstandings which arose between our companies, we are hopeful that the settlement will pave the way for a future business relationship with Credit Bancorp," he added. Richard Blech, the President of Credit Bancorp, stated, "As in line with our normal business practices, Credit Bancorp was able to engineer a financial solution which satisfied the requirements of both parties." In addition, "we made a commitment to provide substantial funding to World Wide Wireless Communications based upon our belief in the management and growth opportunities for the Company," he added. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control, delays in development and testing of products, and fluctuations in demand for the products and services of the Company.