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News, Articles and Releases
Asconi Announces the Dismissal
of All Class Action Lawsuits
TUESDAY, OCTOBER 12, 6:00 AM ET
ORLANDO, Fla., October 12 /PRNewswire-FirstCall/ -- Asconi
Corporation (Amex: ACD), an Eastern European producer of wines and
spirits, today announced today that all securities class action
lawsuits that had been previously filed against the Company in the
United States District Court for the Middle District of Florida
(the "Court") have been dismissed, in their entirety,
without any further legal action required by the Company. Specifically,
seven class action lawsuits have been voluntarily dismissed without
prejudice by the plaintiffs in each respective case; the eighth
class action was dismissed without prejudice by the Court's Order.
The complaints alleged, among other things, that the Company and
certain executive officers made material misrepresentations and
omissions of material facts concerning the Company's business performance
and financial condition during a period from May 2003 to March 2004.
Asconi made no payment in connection with dismissal of the lawsuits,
and has no obligation to make payments whatsoever to any plaintiffs
or their counsel in connection with the dismissals. Further, Asconi
has no other obligations in connection with the dismissals.
About Asconi Corporation
Asconi Corporation (Amex: ACD) is a producer and distributor of
wines and spirits in Eastern Europe. For more information, please
visit http://www.asconi.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about the Company's
industry, management's beliefs and certain assumptions made by management.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual
results and performance of the Company may differ materially from
the results expressed or implied by such forward-looking statements.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. Unless otherwise required
by law, the Company also disclaims any obligation to update its
view of any such risks or uncertainties or to announce publicly
the result of any revisions to the forward-looking statements made
here; however, readers should review carefully reports of documents
the Company files periodically with the SEC.
Contact: Mr. Serguei Melnik,
Asconi Corporation Chief Operations Officer
Phone: 407 679-9463
Email: info@asconi.com
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