Measurement Specialties Announces Settlement of Outstanding Litigation

Jun 11, 2007, 01:00 ET from Measurement Specialties

    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
     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: 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
     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
     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