Measurement Specialties Announces Settlement of Outstanding Litigation
HAMPTON, Va., June 11 /PRNewswire-FirstCall/ -- Measurement Specialties, Inc. (Nasdaq: MEAS), a designer and manufacturer of sensors and sensor-based systems, announced that it has reached a settlement in the DeWelt and Samuel lawsuits. The DeWelt Case, filed in July 2002 by Robert DeWelt, a former employee, was based on a constructive discharge claim associated with the Company's 2002 restatement. On Friday, June 08, 2007, the Company entered into a settlement agreement with DeWelt in the amount of $1.05 million. Additionally, on May 7, 2007 the Company entered into a settlement agreement with Dan Samuel, a former director, for $0.2 million. Please refer to the Company's filings with the SEC for more information on these matters. Frank Guidone, Company CEO commented, "While the Company maintains its position regarding both cases, we felt it was in the best interest of shareholders to settle these matters and focus our attention on operating and growing the business. Both cases were a significant distraction, and have consumed in excess of $0.5 million in legal fees over the last several years. Although both settlement agreements were signed in the first quarter of fiscal 2008, $1.3 million in settlement expense related to these cases, or $0.06 per diluted share (after tax), will be reflected in our March 31, 2007 results, which we will announce tomorrow. With these cases behind us, we currently have no outstanding litigation." The Company will host an investor conference call on Wednesday, June 13th, 2007 at 11 am EDT to answer questions regarding the quarterly and annual results reported in our Form 10-K for fiscal year ended March 31, 2007. US dialers: (866) 835-8907; International dialers: (703) 639-1414. Interested parties may also listen via the Internet at: www.investorcalendar.com. The call will be available for replay for 30 days through AT&T by dialing (800) 475-6701 (US dialers); (320) 365-3844 (International dialers), and entering access code 876635, and on Investorcalendar.com. About Measurement Specialties. Measurement Specialties, Inc. (MEAS) designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics. MEAS uses multiple advanced technologies - including piezoresistive, electro-optic, electro-magnetic, capacitive, application specific integrated circuits (ASICs), micro- electromechanical systems (MEMS), piezoelectric polymers and strain gauges - to engineer sensors that operate precisely and cost effectively. This release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases "should", "intends", " is subject to", "expects", "will", "continue", "anticipate", "estimated", "projected", "may", "we believe", "future prospects", or similar expressions. The forward- looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to, success of any reorganization; ability to raise additional funds; conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; success in integrating prior acquisitions; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. The Company from time-to-time considers acquiring or disposing of business or product lines. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue. Contact: Mark Thomson, CFO (757) 766-4224 Boutcher & Boutcher Investor Relations Aimee Boutcher or Daniel Boutcher (973) 239-2878
SOURCE Measurement Specialties
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