Re: 11/30/00 - [CGYC] Court Date Set for Carnegie International's $2.1 Billion Suit vs. Grant Thornton
Court Date Set for Carnegie International's $2.1 Billion Suit vs. Grant Thornton
Mailing of Proxies Delayed Pending 'Other Significant Transaction'
BALTIMORE, Nov 30, 2000 (BUSINESS WIRE) -- Internet support and computer telephony holding company Carnegie International Corporation (OTC BB: CGYC chart, msgs) said today that it has been given a court date of for its $2.1 billion suit against Grant Thornton LLC, its former accounting firm.
Lowell Farkas, president of Carnegie, said the trial for the suit filed earlier this year (see "Carnegie International Corporation Files $2.1 Billion Suit Against Grant Thornton, LLP, for Fraud, Negligence and Defamation," Business Wire, May 23, 2000), has been scheduled for the Circuit Court for Baltimore City on Tuesday, October 16, 2001.
Noting that market conditions have driven down share prices for many companies, including Carnegie," to well below reasonable valuation," Farkas said, "Carnegie believes the value of our lawsuit against Grant Thornton has substantially more worth than is currently being reflect by today's market conditions."
Carnegie also said that the proxy statements it expected to mail in November, in anticipation of an annual meeting in December, have been delayed. Farkas said that the company "is in discussions regarding a significant transaction that could require inclusion in the proxy," and that Carnegie would "complete the mailing at the earliest available date following completion of those discussions."
About Carnegie International Corporation
Carnegie International Corporation (OTC BB:CGYC, www.carnegieint.com) is an Internet support and computer telephony holding company with specialization in telecommunications products, services and distribution, and in E-Commerce and EDI. Its primary wholly-owned subsidiaries include: RomNet Support Services, Inc., an Internet, e-business and technical support services company, Profit Through Telecommunications (Europe) Ltd. (PTT), a telecommunications software company providing business solutions utilizing proprietary speech recognition, touch tone and bar code responses to send and/or receive information; ACC Telecom of Columbia, Maryland, a leading reseller of equipment and business telephone systems from Cisco (NASDAQ: CSCO chart, msgs), Comdial (NASDAQ: CMDL chart, msgs), Lucent (NYSE: LU chart, msgs), SONY(R) (NYSE: SNE chart, msgs) and Sprint(R) (NYSE: FON chart, msgs); American Telephone & Computer, an Ameritech and Comdial dealer based in the Chicago suburbs; Voice Quest, Inc., of Sarasota, Florida, a developer and provider of speech recognition and voice mail technologies and products, Paramount International Telecommunications, Inc., of Vista, California, which serves hotels and other businesses, primarily in 0+/- call auditing and international one-plus sectors, and Federation of Associated Health Systems, Inc., of San Antonio, Texas, which serves more than 700 hospitals with telecommunications services, primarily in 0+/- call auditing and international one-plus sectors.
Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Press Release (as well as information in oral statements or other written statements made or to be made by Carnegie International Corporation) contain statements that are forward-looking, such as statements relating to the future anticipated direction of the telecommunications industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Carnegie International Corporation. These risks and uncertainties included, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, change in Federal or state laws, and market competition factors.
MAVIS is a trademark of Carnegie International Corporation. Other trademarks are properties of their respective owners.
Contact:
Carnegie International Corporation, Baltimore
Lowell Farkas, 410/785-7400
lfarkas@carnegieint.com
- or -
The Kaminer Group, White Plains, NY
David A. Kaminer, 914/684-1934
dkaminer@kamgrp.com
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