SIRIT Technologies Announces Legal Resolution
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[Toronto, CANADA] Heralding the end of an almost three-year legal battle, SIRIT Technologies Inc. has announced that as a result of the completion of the December 22, 2000 merger between Bracknell Corp. of Toronto and Able Telcom Holding Corp. of Atlanta, the Toronto-based company has received 3,287,674 Bracknell common shares.
Following a hearing held on December 14, 2000, a Florida court determined on December 21 that SIRIT was entitled to 3,287,674 Bracknell shares upon consummation of the merger. The receipt of these shares satisfies the $20 million (U.S.) consent judgment against Able which had been entered by the same court on July 12, 2000, and brings to a final conclusion the two and a half years of litigation between Able and SIRIT in connection with SIRIT's failed acquisition of MFS Network Technologies Inc. from WorldCom Inc. in April 1998.
Said Jacob Gornitzki, chairman of SIRIT: "Following a lengthy and costly process we successfully resolved our litigation against Able and received our full entitlement under the July 7, 2000 settlement agreement. This ends a long period of uncertainty for us and our shareholders."
With the receipt of the Bracknell common shares, SIRIT becomes the second largest shareholder of Bracknell Corp. after WorldCom Inc.
SIRIT develops wireless, e-commerce payment solutions and identification systems in the transportation and other industries using radio frequency technology. SIRIT designs, develops and manufactures a range of radio frequency identification products marketed as the IDentity Series, including IDentity HandsFree, IDentity Flex and Identity Title 21.