[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.